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Bitcoin News Today: BTC-Spot ETF Market Saw Net Inflows for a Fifth Session

By:
Bob Mason
Published: Feb 3, 2024, 03:55 GMT+00:00

The BTC-spot ETF market continued to draw investor interest on Friday, with iShares Bitcoin Trust assets hitting $3 billion after just three weeks.

Bitcoin News Today

In this article:

Key Insights:

  • BTC rose by 0.12% on Friday, ending the session at $43,164.
  • BTC-spot ETF market inflows drove buyer demand for BTC.
  • On Saturday, it is crucial to consider the net flow data for Day 16 in the BTC-spot ETF market.

BTC-Spot ETF Market Sees Five Consecutive Days of Net Inflows

BTC rose by 0.12% on Friday. Following a 1.25% gain on Thursday, BTC ended the session at $43,164.

The BTC-spot ETF market registered a fifth consecutive day of net inflows on Thursday, Day 15 of trading. Grayscale Bitcoin Trust (GBTC) saw net outflows fall for the second successive session. GBTC outflows declined from $188 million to $182 million on Thursday.

Net inflows totaled $38.5 million on Thursday. iShares Bitcoin Trust (IBIT) led the way, registering net inflows of $163.9 million. However, on Thursday, Fidelity Wise Origin Bitcoin Fund saw net inflows slide from $232.1 million to just $35.8 million.

BTC-spot ETF Market - Day 15 flows and volumes.
BTC-Spot ETF Volumes and Flows 030224

Several notable milestones from the week highlighted the early successes of the BTC-spot ETF market.

On Day 15, iShares Bitcoin Trust trading volumes surpass Grayscale Bitcoin Trust trading volumes. iShares Bitcoin Trust also saw its total assets reach $3 billion in just three weeks of trading.

ETF Institute co-founder Nate Geraci highlighted the achievement, saying,

“Now in the top 10% of all ETFs by assets.”

BitMEX Research: GBTC Outflows Slide to a New Low

BitMEX Research shared GBTC stats for Day 16 of trading (02/02/24). GBTC net outflows slid from $182 million (Day 15) to $145 million (Day 16). GBTC saw outflows fall to a new low, suggesting a possible jump in BTC-spot ETF market net inflows.

Bloomberg Intelligence ETF Analyst James Seyffart shared the BTC-spot ETF market trading volumes for Day 16, saying,

“The volume race isn’t even close today. $GBTC trouncing peers by over $100 mln. Another day with aggregate dollar volumes below $1 billion though.”

Day 16 BTC-spot ETF Trading Volumes.
BTC-Spot ETF Volumes 030224

Launch of US BTC-Spot ETF Market and Impact on Non-US Bitcoin Funds

On Friday, James Seyffart looked beyond the BTC-spot ETF market. Sharing data from non-US BTC Funds, Seyffart noted the net outflows from international crypto funds, saying,

“Lot of talk about the inflows to the US spot Bitcoin ETFs. Including from me but taking a step back and looking at other TradFi overlaps with Bitcoin we see the opposite story. Which I wrote about yesterday. ~$537 million in outflows from international crypto funds.”

International crypto fund market data suggested investors pulling out from crypto funds to enter the US BTC-spot ETF market.

Non-US Crypto Funds see sizeable outflows since the launch of the spot ETF Market.
Non-US BTC Crypto Fund Outflows – 030224

Later today, investors must consider the flow and volume data for day 16 of trading. Sub-$1 billion trading volumes could signal another session of modest inflows.

Technical Analysis

Bitcoin Analysis

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

A breakout from the $43,500 handle would support a move to the $44,690 resistance level.

On Saturday, BTC-spot ETF market net flow data for Day 16 needs consideration.

However, a fall through the $42,968 support level would give the bears a run at the 50-day EMA. A break below the 50-day EMA would bring the $39,861 support level into play.

The 14-Daily RSI reading, 54.00, indicates a BTC move to the $44,690 resistance level before entering overbought territory.

BTC Daily Chart sends bullish price signals.
BTCUSD 030224 Daily Chart

Ethereum Analysis

ETH sat above the 50-day and 200-day EMAs. The EMAs affirmed bullish price signals.

An ETH break above the $2,350 would bring the $2,457 resistance level into play.

ETH-spot ETF-related news needs monitoring.

However, an ETH break below the 50-day EMA and $2,300 support level would support a fall to the $2,143 support level.

The 14-period Daily RSI at 48.51 suggests an ETH fall to the $2,143 support level before entering oversold territory.

ETH Daily Chart sends bullish price signals.
ETHUSD 030224 Daily Chart

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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