Crypto News Today: Speculation About ETH-Spot ETFs Lingers

Bob Mason
Published: Jan 17, 2024, 02:41 UTC

Ripple CEO Brad Garlinghouse talked about BTC-spot ETFs and the chances of an ETH-spot ETF market while avoiding questions about an XRP-spot ETF.

Crypto News Today

In this article:

Key Insights:

  • BTC gained 1.56% on Tuesday, ending the session at $43,184.
  • ETH-spot ETF-related news and BTC-spot ETF trading volumes influenced buyer appetite for cryptos.
  • On Wednesday, the focus will remain on BTC-spot ETF-related news and SEC activity.

Bitcoin-Spot ETFs See Net Outflows on Tuesday

BTC gained 1.56% on Tuesday. Following a 1.75% rise on Monday, BTC ended the day at $43,184.

The Wednesday gains came despite BTC-spot ETFs registering net outflows on Tuesday. Bloomberg Intelligence ETF analyst James Seyffart shared his views on inflows and outflows for Tuesday, saying,

“Today is likely to be a net outflow day for the #bitcoin ETFs. Estimating ~$594 million left $GBTC for a total of $1.173 billion in outflows. Most others saw inflows but doubt its enough to offset nearly $600 mln out of GBTC.”

Bloomberg Intelligence ETF analyst Eric Balchunas commented on BTC-spot ETF trading volumes, saying,

“Let me put into context how insane $10b in volume is in first 3 days. There were 500 ETFs launched in 2023. Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going.”

On day 3, iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund continued to see the highest volumes, excluding Grayscale Bitcoin Trust BTC.

BTC-spot ETF Stats for Tuesday, January 16.
BTC Spot ETF Stats 170124

Bitcoin Fear & Greed Index Remains in the Greed Zone

On Wednesday, the Bitcoin Fear & Greed Index declined from 64 to 60. However, the Index remained in the Greed zone, signaling bullish investor sentiment.

BTC-spot ETF trading volumes over the first three days since launch highlighted the level of investor interest in the newly launched spot ETFs. Significantly, the Index remains below the January peak of 76 (Extreme Greed), which had signaled BTC sitting in overbought territory.

BTC Fear & Greed Index sends bullish signals.
BTC Fear and Greed Index 170124

Ripple CEO Brad Garlinghouse Talks Crypto-ETFs at Davos

On Tuesday, Ripple CEO Brad Garlinghouse discussed the outlook for ETH-spot ETFs at Davos. Speaking with CNBC, Garlinghouse said,

“I think it’s a certainty.”

While he was unwilling to put a timeline to the approval of ETH-spot ETFs, Garlinghouse added,

“There will be other ETFs for sure.”

However, Garlinghouse was coy when pressed about the prospects of an XRP-spot ETF.

Garlinghouse also discussed the reasons behind the launch of BTC-spot ETFs, saying,

“The sad part of that reality is we have bitcoin ETF only because a US court said to the SEC you are being arbitrary and capricious in the application of the law. It would be sad if every ETF had to go through the same journey and for Gary Gensler to get smacked down by the US court system again. It might be necessary, but at some point, I think Gary Gensler won’t be the Chair of the SEC, and that would be a good thing for the American people.”

ETH rallied 3.07% on Tuesday, ending the session at $2,588. In contrast, XRP gained 0.10%.

Technical Analysis

Bitcoin Analysis

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

A BTC break above the $44,690 resistance level would support a move toward the $46,020 resistance level.

On Wednesday, investors must consider BTC-spot ETF data and SEC activity.

However, a fall through the $42,968 support level and the 50-day EMA would bring the $39,861 support level into view.

The 14-Daily RSI reading, 48.43, suggests a BTC fall to the $39,861 support level before entering oversold territory.

BTC Daily Chart sends bullish price signals.
BTCUSD 170124 Daily Chart

Ethereum Analysis

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

An ETH break above the Tuesday high of $2,614 would support a move to the $2,650 resistance level.

Investors will continue to focus on ETH-spot ETF-related chatter.

However, a break below the $2,457 support level would give the bears a run at the $2,300 support level and 50-day EMA. Buying pressure could intensify at the $2,300 support level. The 50-day EMA is confluent with the $2,300 support level.

The 14-period Daily RSI at 62.51 indicates an ETH return to the $2,650 resistance level before entering overbought territory.

ETH Daily Chart sends bullish price signals.
ETHUSD 170124 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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