Bitcoin News Today: BTC-Spot ETFs Log Net Inflows for Six Sessions

Key Insights:

• BTC declined by 0.35% on Saturday, closing the session at $43,015.
• The BTC-spot ETF market recorded net inflows for the sixth consecutive session.
• On Sunday, BTC-spot ETF-related news and US regulatory chatter need consideration.

BTC-Spot ETF Market Registered a Sixth Consecutive Day of Net Inflows

BTC declined by 0.35% on Saturday. Reversing a 0.12% gain from Friday, BTC ended the session at $43,015.

The BTC-spot ETF market marked a sixth consecutive day of net inflows on Friday, Day 16 of trading.

Grayscale Bitcoin Trust (GBTC) saw net outflows trend lower for the third successive session. GBTC outflows declined from $182 million to $144.6 million on Friday.

BTC-spot ETF market net inflows increased from $38.5 million (Thurs) to $80.1 million on Friday. iShares Bitcoin Trust (IBIT) led the way for the second consecutive day. IBIT saw net inflows of $105.8 million versus $78.9 million of net inflows for Fidelity Origin Wise Bitcoin ETF (FBTC).

BitMEX Research shared the flow data since launch.

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas had this to say about the latest numbers,

“Really something to see the Nine comeback from that dip last week and overwhelm GBTC outflows for net positive six days straight totaling half a bil. Typically there’s slow decline after big hyped launch. Strong week 3 (and inflows every single day) shows these ETFs have legs.”

The six consecutive days of net inflows came as the Bitcoin halving event draws nearer. According to the Bitcoin Halving Clock, the halving will happen around April 18.

Investor Demand on the Horizon

On Saturday, Bloomberg Intelligence ETF Analyst James Seyffart shared a post about advisor networks and the BTC-spot ETF market, saying,

“Great Emily Graffeo piece on the terminal today. Explains the process for one of those advisor networks, LPL, that we’ve been talking about since before #Bitcoin ETFs launched. They Were never gonna buy day 1 or even month 1. Due diligence takes time. Saying AT LEAST 3 months.”

The Graffeo article on Bloomberg discussed LPL Financial and its interest in the BTC-spot ETF market. LPL Financial, with more than $1 trillion in custody for its clients, will assess the BTC-spot ETF market for three months before deciding whether to offer one, some, or all the newly launched BTC-spot ETFs.

A favorable evaluation of the newly launched BTC-spot ETFs could signal a wave of inflows that may coincide with the Bitcoin halving event.

Technical Analysis

Bitcoin Analysis

BTC sat above the 50-day and 200-day EMAs, affirming bullish price signals.

A BTC break above the $42,968 resistance level would support a move to the $44,690 resistance level.

On Sunday, BTC-spot ETF-related news and US regulatory chatter need consideration.

However, a fall below the 50-day EMA would give the bears a run at the $39,861 support level.

The 14-Daily RSI reading, 52.69, suggests a BTC return to the $44,690 resistance level before entering overbought territory.

Ethereum Analysis

ETH sat below the 50-day EMA while holding above the 200-day EMA. The EMAs indicate bearish signals for the short term but bullish signals for the long term.

An ETH break above the $2,300 resistance level and the 50-day EMA would support a move to the $2,457 resistance level. Selling pressure could intensify at the $2,300 resistance level. The 50-day EMA is confluent with the $2,300 resistance level.

ETH-spot ETF-related news warrants investor attention.

However, an ETH drop below the $2,250 handle would bring the $2,143 support level into play.

The 14-period Daily RSI at 46.58 indicates an ETH drop to the $2,143 support level before entering oversold territory.