Category: Forex News, News

BTC-Spot ETF Inflows Trend Downwards

BTC-Spot ETF Volumes 050224Key takeaways from Day 17 of trading: […]

BTC-Spot ETF Volumes 050224

Key takeaways from Day 17 of trading:

    • The BTC-spot ETF market extended the net inflow winning streak to seven sessions.
    • Grayscale Bitcoin Trust (GBTC) net outflows declined for the fifth consecutive session.
    • Excluding GBTC, IBIT led the way over 17 days in trading volume and net inflows.

The latest US Exchange-Traded Fund rankings by year-to-date (TYD) flows highlighted the ongoing success of IBIT. IBIT ranked fifth in YTD flows.

BitMEX Research shared the latest data showing GBTC net outflows, which decreased from $108 million to $72.7 million on February 6.

BTC price action likely contributed to the downward trend in net inflows. BTC last revisited the $44,000 handle on January 12, the day after the SEC approved the nine recently launched spot-BTC ETFs.

However, international crypto funds remained a victim of the newly launched BTC-spot ETF market.

International Crypto Fund Investors Migrate to BTC-Spot ETFs

On Tuesday, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas shared a new BTC-spot ETF milestone, saying,

“Got our first holder reported for IBIT, it’s a Canadian asset manager called Redwood, looks like it sold the local Purpose Bitcoin ETF which is >1% fee and bought the US-based IBIT which is free till first $5b and 25bps thereafter. Great cost migration hitting crypto funds.”

Fee differentials between BTC-spot ETFs and international crypto funds continue driving investor migration from international crypto funds to ETFs.

Technical Analysis

Bitcoin Analysis

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

A BTC break above the $43,500 handle would give the bulls a run at the $44,690 resistance level.

On Wednesday, investors should consider US lawmakers’ discussions, SEC activity, and news related to BTC-spot ETFs.

However, a break below the $42,968 support level and the 50-day EMA would bring the $39,861 support level into play.

The 14-Daily RSI reading, 53.63, indicates a BTC return to the $44,690 resistance level before entering overbought territory.


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