Bitcoin (BTC) News Today: US BTC-Spot ETF Market Sees Ten Day Inflow Streak

Bob Mason
Updated: May 25, 2024, 04:48 GMT+00:00

Key Points:

  • Bitcoin (BTC) advanced by 0.90% on Friday (May 24), closing the session at $68,564.
  • US BTC-spot market inflows drove buyer demand for BTC, while ETH ended the Friday session in negative territory.
  • On Saturday (May 25), BTC-spot ETF flow trends for Friday will set the tone, with ETH-spot ETF news warranting investor attention.
Bitcoin (BTC) News Today

In this article:

US BTC-Spot ETF Market Extends Inflow Streak to Ten Sessions

On Friday (May 24), bitcoin (BTC) advanced 0.90%. Partially reversing a 1.59% loss from Thursday (May 23), BTC ended the session at $68,564.

The US BTC-spot ETF market saw total net inflows of $107.9 million on Thursday (May 23), down from $154.0 million on Wednesday (May 22). Market jitters about the Fed interest rate trajectory impacted buyer demand for riskier assets, leading to a decline in total net inflows.

However, US economic indicators from the Friday session drove buyer demand for BTC. The Michigan Consumer Sentiment Index fell from 77.2 to 69.1, up from a preliminary 67.5. Additionally, consumer sentiment toward inflation softened compared to preliminary numbers. Inflation expectations for the year ahead increased from 3.2% to 3.3%, down from an estimated 3.5%.

BTC reacted favorably to the numbers despite uncertainty surrounding the Fed rate path.

On Friday, the US BTC-spot ETF market extended its inflow streak to ten sessions.

According to Farside Investors,

  • Grayscale Bitcoin Trust (GBTC) saw zero net flows on Friday (May 24).
  • iShares Bitcoin Trust (IBIT) reported net inflows of $182.1 million, up from $89.0 million on Thursday (May 23).
  • Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $43.7 million (Previous day: +$19.1 million)
  • VanEck Bitcoin Trust reported net inflows of $15.6 million, following inflows of $9.5 million on Thursday (May 23).
  • The US BTC-spot ETF market saw total net inflows of $251.9 million on Friday (May 24), up from $154.0 million on Thursday (May 23).

However, ethereum (ETH) found modest relief from the US economic data. Uncertainty about the future of the US ETH-spot ETF market impacted buyer demand for ETH.

While the SEC approved 19b-4 applications, the SEC must also approve the S-1 forms to enable issuers to launch ETH-spot ETFs. Another consideration is the likely demand for US ETH-spot ETFs.

Recent Hong Kong crypto-spot ETF flow trends provided little guidance on what to expect. Bloomberg Intelligence Senior ETF Analyst Eric Balchunas summed it up, saying,

“One of the challenges for Ether ETFs in penetrating the 60/40 Boomer world is distilling its purpose/value into an easy-to-understand sound bite a la “bitcoin is digital gold” Does a simple one-liner like that exist for ether? If so, what is it?”

Technical Analysis

Bitcoin Analysis

BTC held above the 50-day and 200-day EMAs, sending bullish price signals.

A BTC breakout from the $69,000 resistance level could signal a move toward the $73,808 all-time high.

US BTC-spot ETF-related chatter and sentiment toward the Fed rate path need consideration.

Conversely, a BTC fall through the $65,000 handle and the 50-day EMA could give the bears a run at the $64,000 support level.

With a 58.92 14-Daily RSI reading, BTC may return to the all-time high of $73,808 before entering overbought territory.

BTC Daily Chart sends bullish near-term price signals.
BTCUSD Daily Chart 250524

Ethereum Analysis

ETH sat well above the 50-day and 200-day EMAs, confirming the bullish price signals.

An ETH breakout from the $3,835 resistance level could give the bulls a run at the $4,000 handle. A break above the $4,000 handle would support a move to the March high of $4,091.

US ETH-spot ETF market chatter needs consideration.

Conversely, an ETH fall through the $3,650 handle could give the bears a run at the $3,480 support level.

The 14-period Daily RSI reading, 67.57, suggests an ETH break above the $3,835 resistance level before entering overbought territory.

ETH Daily Chart sends bullish price signals.
ETHUSD Daily Chart 250524

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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