Key Insights:
- BTC gained 1.19% on Saturday, ending the session at $47,663.
- Investor sentiment toward the BTC-spot ETF market volume and flow data contributed to the gains.
- On Sunday, US lawmakers, the SEC, and BTC-spot ETF-related chatter need consideration.
BTC-Spot ETF Market Volumes and Flows Extend the BTC Winning Streak to Six
On Saturday, BTC gained 1.19%. Following a 3.92% rally on Friday, BTC ended the Saturday session at $47,663. Significantly, BTC extended the winning streak to six sessions.
BTC-spot ETF market news continued to draw investor interest. Volume and flow figures for the Friday session fueled buyer demand for BTC.
On Saturday, BitMEX Research shared the flow figures for Grayscale Bitcoin Trust (GBTC) and the Nine (the Nine are the first batch of SEC approvals in January 2024).
Significantly, iShares Bitcoin Trust (IBIT) saw total flows increase by $250.7 million, taking total net inflows to $3,750.5. IBIT net inflows were the fifth highest since launch. Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $188.4 million, taking total net inflows to $3,003.2 million.
However, Invesco Galaxy Bitcoin ETF (BTCO) was the first of the Nine to register net outflows for a session. Nonetheless, total net inflows hit $541.5 million, the highest since net inflows of $655.2 million on day 1 of trading.
Bloomberg Intelligence Senior ETF analyst Eric Balchunas shared his views on the BTC-spot ETF market trends, saying,
“I thought the Nine would get a bit weaker as GBTC outflows subsided but they’re getting stronger. Another half a billion day beyond GBTC bleed, up to +$2.7b net rolling flows and $10B in total aum. IBIT now at $4b in aum w/ half a bil in volume yest, 2nd day more than GBTC.”
The hype surrounding the BTC-spot ETF market continued after 22 days of trading for the Nine. ETF Institute co-founder Nate Geraci shared a GBTC image from Miami, saying,
“On the ground in Miami for exchange ETF. Literally first thing I see off the plane. Guessing GBTC will be everywhere next few days.”
Technical Analysis
Bitcoin Analysis
BTC remained well above the 50-day and 200-day EMAs, confirming the bullish price trends.
A BTC break above the $48,178 resistance level and the Sunday morning high of $48,358 would give the bulls a run at the $50,500 resistance level.
On Sunday, BTC-spot ETF market-related news, US lawmakers, and the SEC need consideration.
However, a fall through the $47,500 handle would bring the $46,020 support level into play.
The 14-Daily RSI reading, 73.56, shows BTC in overbought territory. Selling pressure could intensify at the Sunday high of $48,358 resistance level.
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Ethereum Analysis
ETH remained well above the 50-day and 200-day EMAs, affirming bullish price signals.
An ETH break above the Sunday morning high of $2,538 would bring the $2,650 resistance level into play.
ETH-spot ETF-related chatter also needs investor consideration.
However, an ETH drop below the $2,457 support level would give the bears a run at the 50-day EMA and the $2,300 support level.
The 14-period Daily RSI at 65.42 indicates an ETH return to the $2,600 handle before entering overbought territory.
