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BTC-Spot ETF Net Inflows and Volumes Turn Bullish

BTC-Spot ETF Volumes and Flows 070224After the positive numbers on […]

BTC-Spot ETF Volumes and Flows 070224

After the positive numbers on February 7, BTC-spot ETF market-related data for February 8 suggested another round of positive inflows.

IBIT continued to lead the way in trading volumes, which increased from $347.7 million to $478.5 million on February 8. Total trading volumes increased, reflecting increasing activity across the BTC-spot ETF market. Total BTC-spot ETF market trading volumes increased from $1,026.2 million to $1,278.7 million on Thursday.

Considering the likely flows for February 8, GBTC net outflows increased from $80.8 million to $101.6 million, according to BitMEX Research.

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas had this to say about the BTC-spot ETF market,

“Normally it takes 5-10yrs for a newborn to get even close to toppling a category’s liquidity king(s). IBIT did it in under a month- trading more than both GBTC and BITO today. They’ll all go back and forth for a bit each day but over time the gap will grow.”

For investors feeling disappointed with the BTC-spot ETF market, Eric Balchunas provided perspective, saying,

“Here’s a look at the Top 25 ETFs by assets after 1 month on the market (out of 5,535 total launches in 30yrs). IBIT and FBTC in league of own w/ over $3b each and they still have two days to go. ARKB and BITB also made list.”

Notably, IBIT and FBTC topped the table, ranking first and second.

Technical Analysis

Bitcoin Analysis

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

A BTC break above the $46,020 resistance level would support a move to the $48,178 resistance level.

On Friday, BTC-spot ETF market-related data needs consideration.

However, a break below the $44,690 support level would give the bears a run at the $42,968 support level and the 50-day EMA.

The 14-Daily RSI reading, 65.92, indicates a BTC break above the $46,020 resistance level before entering overbought territory.


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