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Bitcoin (BTC) News Today: Spot ETF Market Flow Trends Amid US Economic Data

By:
Bob Mason
Updated: Apr 25, 2024, 02:13 GMT+00:00

Key Points:

  • Bitcoin (BTC) slid by 3.25% on Wednesday (April 24), ending the session at $64,333.
  • US economic indicators impacted investor bets on a September Fed rate cut and BTC-spot ETF market flow data.
  • On Thursday (April 25), US GDP numbers and BTC-spot ETF market flow data for Wednesday (April 24) and Thursday (April 25) need consideration.
Bitcoin (BTC) News Today

In this article:

Bitcoin (BTC) slid by 3.25% on Wednesday (April 24). Following a 0.57% loss on Tuesday (April 23), BTC ended the session at $64,333.

BTC-spot ETF market net inflows on Tuesday (April 23) provided early BTC price support. The BTC spot-ETF market recorded total net inflows for the third successive session. BTC climbed to an early high of $67,117 before hitting the reverse.

However, US economic indicators impacted buyer appetite for riskier assets. US core durable goods orders increased by 2.6% in March after rising by 0.7% in February. Moreover, core durable goods orders advanced by 0.2% in March after rising by 0.1% in February.

The US data reduced investor bets on a September Fed rate cut, affecting BTC-spot ETF market flow trends.

According to preliminary Wednesday, April 24, numbers from Farside Investors:

  • Grayscale BTC Trust saw net outflows jump from $66.9 million to $130.0 million (April 24).
  • Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $5.6 million (April 24), up from $4.4 million (April 23).
  • ARK 21Shares Bitcoin ETF (ARKB) recorded net inflows of $4.2 million, down from $33.3 million.
  • Excluding flow data for iShares Bitcoin Trust (IBIT), the BTC-spot ETF market saw net outflows of $120.6 million.

Flow data for IBIT could prove significant on Wednesday. A surge in net inflows could enable the BTC-spot ETF market to avoid total net outflows for the session. IBIT could extend its daily inflows streak to 72 successive sessions on Wednesday.

On Wednesday, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas shared the rankings for longest daily inflow streaks, saying,

“IBIT inflow streak now 71 days which has it officially in the Top 10 all time after passing the ETF One Hit Wonder JETS (remember JETSanity?). Also passed BND and VEA which are cash vacuum cleaners. Lot of mountain still left to climb tho. h/t thetrinianalyst.”

IBIT eyes 72 day inflow streak.
Longest Daily Inflow Streaks 25/04/24

While BTC will respond to the BTC-spot ETF market flow data, investors should also consider US economic data.

Later today, US GDP numbers for Q1 2024 will garner investor interest. A hotter-than-expected US economy could sink investor bets on a September Fed rate cut. A more hawkish Fed rate path may impact the BTC-spot ETF market inflow trends and BTC.

Economists forecast the US economy to expand by 2.5% in Q1 2024 after growing by 3.4% in Q4 2023.

Technical Analysis

Bitcoin Analysis

BTC sat below the 50-day EMA while holding above the 200-day EMA. The EMAs sent bearish near-term but bullish longer-term price signals.

A BTC break above the 50-day EMA would support a move toward the $69,000 resistance level. A BTC move through the $69,000 resistance level would bring the $70,000 handle into play.

On Thursday, US GDP numbers and BTC-spot ETF flow data need consideration.

Conversely, a BTC drop below the $64,000 support level could give the bears a run at the $60,365 support level.

With a 14-Daily RSI reading of 45.73, BTC could fall to the $60,365 support level before entering oversold territory.

BTC Daily Chart sends bearish near-term price signals.
BTCUSD Daily Chart 250424

Ethereum Analysis

ETH hovered below the 50-day EMA while remaining above the 200-day EMA. The EMAs affirmed the bearish near-term but bullish longer-term price signals.

An ETH move through the $3,244 resistance level would give the bulls a run at the 50-day EMA. A breakout from the 50-day EMA would bring the $3,480 resistance level into play.

Conversely, an ETH drop below the $3,100 handle could give the bears a run at the $3,033 support level.

The 14-period Daily RSI reading of 45.61 suggests an ETH fall through the $3,033 support level before entering oversold territory.

ETH Daily Chart sends bearish near-term price signals.
ETHUSD Daily Chart 250424

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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