Come to my page!

Category: Forex News, News

BTC-Spot ETFs Log Net Inflows for Six Sessions

BTC Spot ETF Flows 040224

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas had this to say about the latest numbers,

“Really something to see the Nine comeback from that dip last week and overwhelm GBTC outflows for net positive six days straight totaling half a bil. Typically there’s slow decline after big hyped launch. Strong week 3 (and inflows every single day) shows these ETFs have legs.”

The six consecutive days of net inflows came as the Bitcoin halving event draws nearer. According to the Bitcoin Halving Clock, the halving will happen around April 18.

Investor Demand on the Horizon

On Saturday, Bloomberg Intelligence ETF Analyst James Seyffart shared a post about advisor networks and the BTC-spot ETF market, saying,

“Great Emily Graffeo piece on the terminal today. Explains the process for one of those advisor networks, LPL, that we’ve been talking about since before #Bitcoin ETFs launched. They Were never gonna buy day 1 or even month 1. Due diligence takes time. Saying AT LEAST 3 months.”

The Graffeo article on Bloomberg discussed LPL Financial and its interest in the BTC-spot ETF market. LPL Financial, with more than $1 trillion in custody for its clients, will assess the BTC-spot ETF market for three months before deciding whether to offer one, some, or all the newly launched BTC-spot ETFs.

A favorable evaluation of the newly launched BTC-spot ETFs could signal a wave of inflows that may coincide with the Bitcoin halving event.

Technical Analysis

Bitcoin Analysis

BTC sat above the 50-day and 200-day EMAs, affirming bullish price signals.

A BTC break above the $42,968 resistance level would support a move to the $44,690 resistance level.

On Sunday, BTC-spot ETF-related news and US regulatory chatter need consideration.

However, a fall below the 50-day EMA would give the bears a run at the $39,861 support level.

The 14-Daily RSI reading, 52.69, suggests a BTC return to the $44,690 resistance level before entering overbought territory.


Source link

Written by : Editorial team of BIPNs

Main team of content of bipns.com. Any type of content should be approved by us.

Share this article:

Leave A Comment

Forex Network accounts:

Latest articles