BTC-Spot ETF Market Sees Net Inflows

BTC-spot ETF market data for the Monday session also influenced buyer demand for BTC. According to Farside Investors, Grayscale Bitcoin Trust (GBTC) saw net outflows of $494.1 million.

VanEck Bitcoin Trust (HODL) drew investor attention on Monday. Investors reacted to the VanEck dropping sponsor fee from March 12, 2024, until March 31, 2025. HODL saw net inflows rise from $7.8 million (March 8) to an ATH of $118.8 million (March 11). The previous ATH of net inflows was $14.2 million on January 19.

Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows increase from $130.3 million (March 8) to $215.5 million (March 11). Despite higher net inflows, iShares Bitcoin Trust (IBIT) must register net inflows above $47.6 million to deliver a sixth successive day of total net inflows.

In contrast to the euphoria surrounding the BTC-spot ETF market, uncertainty about the future of an ETH-spot ETF market lingered.

ETH-Spot ETF May Approval Odds Tumble on Inactivity

On Monday, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas shared the latest odds on the SEC approving ETH-spot ETFs in the May window, saying,

“Yeah our odds of eth ETF approval by May deadline are down to 35%. I get all the reasons they SHOULD approve it (and we personally believe they should) but all the signs/sources that were making us bullish 2.5mo out for btc spot are not there this time. Note: 35% isn’t 0%, still poss, and and long-term we think it will happen.”

However, the falling odds failed to spook investors. ETH rallied 4.72% on Monday, closing the session at $4,064. ETH last held the $4,000 handle in December 2021.

Technical Analysis

Bitcoin Analysis

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

A BTC break above the March 11 all-time high of $72,605 would give the bulls a run at the $75,000 handle.

BTC-spot ETF market flows need consideration.

However, a drop below the $69,000 support level would bring the $63,114 support level into view.

The 14-Daily RSI reading, 77.58, shows BTC sitting in overbought territory. Selling pressure may intensify at the March 11 all-time high of $72,605.