ETFs
Bitcoin (BTC) News Today: US BTC-Spot ETFs, US inflation and $70,000
However, the total net inflows of $31.0 million were small compared to the total net outflows of $1,134.7 million during the previous seven sessions.
Nonetheless, US BTC spot ETF market flow data for Wednesday June 26 signals a second session of total net inflows.
According to Farside Investors,
- Grayscale Bitcoin Trust (GBTC) recorded net inflows of $4.3 million, the first since June 5.
- Fidelity Wise Origin Bitcoin Fund (FBTC) recorded net inflows of $18.6 million, up from $48.8 million on Tuesday.
- VanEck Bitcoin Trust (HODL) recorded net inflows of $3.4 million, following inflows of $3.5 million on Tuesday.
- ARK 21Shares Bitcoin ETF (ARKB) bucked the trend, with net outflows of $4.9 million. Significantly, ARKB extended its outflow streak to four sessions.
- Excluding flow data for iShares Bitcoin Trust (I BITE), the US BTC spot ETF market saw total net inflows of $21.4 million on Wednesday, June 26.
While looking at a two-day inflow streak, the US BTC spot ETF market will likely fall well short of May 2024 total inflows. With two trading days remaining in June, the US BTC spot ETF market has total inflows of $560.3 million, down from $2,095.5 million in May.
BTC price trends reflect the marked decline in demand for BTC spot ETFs in the United States. On Thursday, June 27, BTC was down 9.52% to $61,089 in June.
While the US BTC spot ETF market deserved investors’ attention, news related to the US ETH spot ETF market also deserved consideration.
Will US ETH-Spot ETFs launch on July 2?
On Wednesday, Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, responded to a Reuters article: saying,
“A Reuters report reaffirms our July 2 forecast for the Ether ETF’s spot launch, but we’ll see.”
Reuters cited sources, saying the SEC could approve ether ETFs in time for a July 4 launch.
On Tuesday, SEC Chairman Gary Gensler said progress towards an ETH spot ETF market was proceeding smoothly.
Despite progress toward an ETH spot ETF market, ETH fell 0.77% on Wednesday, ending the session at $3,370.
Technical analysis
Bitcoin Analysis
BTC sitting below 50 days EMA but remained above the 200-day EMA. EMAs confirmed short-term bearish signals but long-term uptrends.
A BTC breakout above the $64,000 resistance level would support the move to the 50-day EMA. Additionally, a breakout of the 50-day EMA could give the bulls a run at the $69,000 resistance level.
The US economic calendar, SEC activities and BTC spot ETF flow data demand investors’ attention on Thursday.
On the other hand, a break below the $60,365 support level could give the bears a chance at the 200-day EMA.
With a daily RSI of 31.74, BTC could break below the $60,365 support level before entering oversold territory.