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Bitcoin News Today: BTC-Spot ETF Net Inflows and Volumes Turn Bullish

By:
Bob Mason

On Thursday, BTC retook the $45,000 handle. Impressive BTC-spot ETF-related news contributed to the session gains.

Bitcoin News Today

In this article:

Key Insights:

  • BTC increased by 2.27% on Thursday, closing the session at $45,325.
  • Updates from the BTC-spot ETF market continued to drive buyer demand for BTC.
  • On Friday, US lawmakers, the SEC, and BTC-spot ETF market updates need consideration.

BTC-Spot ETF Market Updates Extend Winning Streak to Four

On Thursday, BTC rose by 2.27%. Following a 2.91% gain on Wednesday, BTC ended the Thursday session at $45,325. Significantly, BTC extended the winning streak to four sessions.

Updates from the BTC-spot ETF market fueled a BTC return to the $45,000 handle for the first time since January 11.

On Thursday, Bloomberg Intelligence ETF Analyst James Seyffart shared the volume and flows for February 7.

Significantly, Fidelity Wise Origin Bitcoin Fund (FBTC) topped the net inflows rankings, with net inflows of $130.1 million. However, iShares Bitcoin Trust (IBIT) led the volumes rankings, with volumes of $347.7 million. IBIT saw net inflows of just $56.2 million despite higher trading volumes.

BTC-spot ETF flows jump.
BTC-Spot ETF Volumes and Flows 070224

After the positive numbers on February 7, BTC-spot ETF market-related data for February 8 suggested another round of positive inflows.

IBIT continued to lead the way in trading volumes, which increased from $347.7 million to $478.5 million on February 8. Total trading volumes increased, reflecting increasing activity across the BTC-spot ETF market. Total BTC-spot ETF market trading volumes increased from $1,026.2 million to $1,278.7 million on Thursday.

Considering the likely flows for February 8, GBTC net outflows increased from $80.8 million to $101.6 million, according to BitMEX Research.

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas had this to say about the BTC-spot ETF market,

“Normally it takes 5-10yrs for a newborn to get even close to toppling a category’s liquidity king(s). IBIT did it in under a month- trading more than both GBTC and BITO today. They’ll all go back and forth for a bit each day but over time the gap will grow.”

For investors feeling disappointed with the BTC-spot ETF market, Eric Balchunas provided perspective, saying,

“Here’s a look at the Top 25 ETFs by assets after 1 month on the market (out of 5,535 total launches in 30yrs). IBIT and FBTC in league of own w/ over $3b each and they still have two days to go. ARKB and BITB also made list.”

Notably, IBIT and FBTC topped the table, ranking first and second.

Technical Analysis

Bitcoin Analysis

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

A BTC break above the $46,020 resistance level would support a move to the $48,178 resistance level.

On Friday, BTC-spot ETF market-related data needs consideration.

However, a break below the $44,690 support level would give the bears a run at the $42,968 support level and the 50-day EMA.

The 14-Daily RSI reading, 65.92, indicates a BTC break above the $46,020 resistance level before entering overbought territory.

BTC Daily Chart sends bullish price signals.
BTCUSD 090224 Daily Chart

Ethereum Analysis

ETH remained above the 50-day and 200-day EMAs, affirming bullish price signals.

An ETH breakout from the $2,457 resistance level would bring the $2,650 resistance level into play.

ETH-spot ETF-related updates warrant investor attention.

However, an ETH fall through the $2,400 handle would give the bears a run at the 50-day EMA and the $2,300 support level.

The 14-period Daily RSI at 58.81 indicates an ETH return to the $2,650 resistance level before entering overbought territory.

ETH Daily Chart sends bullish price signals.
ETHUSD 090224 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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