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Bitcoin News Today: ETF Data Sparks Investor Interest, BTC Holds Strong at $52K

By:
Bob Mason
Published: Feb 17, 2024, 05:00 UTC

Bitcoin's resilience: Holding onto $52K, driven by soaring ETF inflows. Market dynamics hint at sustained BTC momentum.

Bitcoin News Today

In this article:

Key Insights:

  • BTC rose by 0.45% on Friday, closing the session at $52,181.
  • A pickup in BTC-spot ETF net inflows contributed to the gains.
  • On Saturday, the final BTC-spot ETF data from the week warrant investor attention.

BTC Holds onto the $52,000 Handle

On Friday, BTC rose by 0.45%. Following a 0.12% gain on Thursday, BTC ended the session at $52,181. Significantly, BTC held onto the $52,000 handle for the first time since December 3, 2021.

BTC-Spot ETF Market: Net Inflows Rebounded on February 15

BTC-spot ETF market flow data for Thursday, February 15 contributed to the gains on Friday, February 16.

Net inflows increased from $339.8 million (February 14) to $477.4 million (February 15), according to figures shared by BitMEX Research.

iShares Bitcoin Trust (IBIT) continued to lead the way. IBIT recorded the highest inflows for the sixth consecutive session, with net inflows of $330.9 million. Bitwise Bitcoin ETF (BITB) saw net inflows of $120.2 million, with Fidelity Wise Origin Fund (FBTC) seeing net inflows of $97.4 million. BITB had more inflows than FBTC for the second time since the launch of the Nine.

Grayscale Bitcoin Trust (GBTC) saw net outflows of $174.6 million, the largest since February 1.

Net inflows rebound after the Wednesday pullback.
Bitcoin-Spot ETF Net Flows for 15/02/24

Early Flow Data for February 16 Sends Positive Signals

BitMEX Research shared the available flow data for February 16. ARK 21Shares Bitcoin ETF (ARKB) reportedly saw net inflows of $140 million, the highest since launch. However, net inflows for BITB declined to just $20.9 million, while FBTC saw net inflows of $116.7 million. IBIT must register another sizeable haul to take total net inflows above the $477.4 million from Thursday.

GBTC saw net outflows of $150 million, the second highest since February 1.

Beyond the BTC-spot ETF market data, SEC activity garnered investor interest.

SEC Targets the Exchange-Traded Fund Market

On Friday, the SEC charged Van Eck Associates for failing to disclose an influencer’s role relating to the launch of the VanEck Social Sentiment ETF (NYSE: BUZZ). According to the press release,

“Van Eck Associates Corporation agreed to pay a $1.75 million civil penalty to settle charges that it failed to disclose a social media influencer’s role in the launch of its new exchange-traded fund (ETF).”

However, the news was unrelated to the launch of VanEck Bitcoin Trust (HODL). Nonetheless, the charges and settlement highlighted the tightrope issuers must walk to adhere to the Investment Company and Investment Adviser Acts.

Technical Analysis

Bitcoin Analysis

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

A BTC breakout from the Thursday high of $52,869 would support a move to the $55,000 handle.

BTC-spot ETF market flows for Friday and SEC activity need consideration.

However, a break below the $51,000 handle would support a fall to the $50,500 support level.

The 14-Daily RSI reading, 80.65, shows BTC in overbought territory. Selling pressure could intensify at the Thursday high of $52,869.

BTC Daily Chart sends bullish price signals.
BTCUSD 170224 Daily Chart

Ethereum Analysis

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

An ETH move through the Thursday high of $2,867 would give the bulls a run at the $3,000 handle.

ETH-spot ETF-related news needs consideration.

However, an ETH drop below the $2,750 handle would support a fall toward the $2,650 support level.

The 14-period Daily RSI at 74.33 shows ETH in overbought territory. Selling pressure could intensify at the Thursday high of $2,867.

ETH Daily Chart sends bullish price signals.
ETHUSD 170224 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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