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Bitcoin News Today: Monday BTC-Spot ETF Flows and $50,000

By:
Bob Mason

Bitcoin will likely be in the hands of the BTC-spot ETFs as the ETF markets resume trading on Monday. However, SEC activity remains an area of interest.

Bitcoin News Today

In this article:

Key Insights:

  • BTC increased by 1.05% on Sunday, closing the session at $48,165.
  • Positive sentiment toward the BTC-spot ETF market extended the winning streak to seven sessions.
  • On Monday, BTC-spot ETF flows and volumes, SEC activity, and US lawmakers need consideration.

BTC-Spot ETF Market and US Lawmakers

On Sunday, BTC increased by 1.05%. Following a 1.19% gain on Saturday, BTC ended the Sunday session at $48,165. Significantly, BTC extended the winning streak to seven sessions.

Investor sentiment toward the BTC-spot ETF market continued to propel BTC toward $50,000. Last week, the BTC-spot ETFs achieved impressive milestones. The numbers raised the influence of BTC-spot-ETFs on BTC and the broader crypto market.

The BTC-spot ETF market experienced the largest weekly net inflows since launching on January 11. Net inflows totaled $1,194.4 million in the week ending February 9. iShares Bitcoin Trust (IBIT) saw total assets rise to $4,189.9 million, with ARK 21Shares Bitcoin ETF (ARKB) seeing total assets hit $1,021.9 million.

Notably, Grayscale Bitcoin Trust (GBTC) saw a downward trend in net outflows, contributing to the headline numbers for the broader BTC-spot ETF market. GBTC net outflows totaled $415.5 million in the week ending February 9, down from $926.3 million in the week ending February 2.

BTC-spot ETF net flows
BitMEX Researsh – Flows for 09/02/24

Amidst the BTC-spot ETF market hype, US lawmakers continued to garner investor interest.

On Sunday, amicus curiae attorney John E Deaton shared a post of Hillary Clinton targeting BTC, saying,

“Hillary Clinton is against Bitcoin.”

Hillary Clinton had this to say about bitcoin,

“And then one more area that I hope nation states start paying greater attention to is the rise of cryptocurrency. Because what looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies or undermining the role of the dollar as the reserve currency. For destabilizing nations, perhaps small ones but going much larger.”

Clinton went on to say,

“So, when we think about this new environment within which we find ourselves, that we’ve been discussing for the last some minutes, we can’t just think about nation states.”

The anti-crypto stance aligns with the current US administration and the Democratic Party’s stance on digital assets.

Technical Analysis

Bitcoin Analysis

BTC sat well above the 50-day and 200-day EMAs, sending the bullish price trends.

A BTC breakout from the $48,178 resistance level would support a move toward the $50,500 resistance level.

SEC activity, US lawmakers, and BTC-spot ETF market-related updates require consideration.

However, a break below the $47,500 handle would give the bears a run at the $46,020 support level.

The 14-Daily RSI reading, 73.67, shows BTC in overbought territory. Selling pressure could intensify at the Monday morning high of $48,598 resistance level.

BTC Daily Chart sends bullish price signals.
BTCUSD 120224 Daily Chart

Ethereum Analysis

ETH sat well above the 50-day and 200-day EMAs, sending bullish price signals.

An ETH break above the Sunday high of $2,540 would support a move to the $2,650 resistance level.

ETH-spot ETF-related news warrants investor attention.

However, an ETH break below the $2,457 support level would bring the 50-day EMA and the $2,300 support level.

The 14-period Daily RSI at 63.33 suggests an ETH move to the $2,600 handle before entering overbought territory.

ETH Daily Chart sends bullish price signals.
ETHUSD 120224 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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