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Fear and Greed Index Nears Extreme Greed on Five Day BTC Rally

BTC-Spot ETF Market Inflows Delivered a Five-Day Winning Streak On […]

BTC-Spot ETF Market Inflows Delivered a Five-Day Winning Streak

On Friday, BTC rallied 3.92%. Following a 2.27% gain on Thursday, BTC ended the Friday session at ,104. Significantly, BTC extended the winning streak to five sessions.

BTC-spot ETF market updates garnered investor attention. Bloomberg Intelligence ETF Analyst James Seyffart shared the volumes and flows for February 8. Net inflows jumped from $146.1 million to $405.0 million on Thursday. The surge in net inflows came despite an increase in Grayscale Bitcoin Trust (GBTC) outflows to $101.6 million.

iShares Bitcoin Trust (IBIT) led the way, with net inflows and trading volumes of $204.1 million and $480.3 million, respectively. Fidelity Wise Origin Bitcoin Fund (FBTC) inched closer to the $3 billion landmark, with net inflows of $128.3 million.

Franklin Bitcoin ETF (EZBC) was the only one of the newly launched BTC-spot ETFs to have zero net inflows.

BTC-Spot ETF Volumes and Flows 080224

Amidst the hype surrounding iShares Bitcoin ETF, ARK 21Shares Bitcoin ETF (ARKB) enjoyed a positive Friday session. 21Shares US shared the news, saying,

“ARKB has crossed $1B+ USD in bitcoin holdings! This isn’t just a number – it’s a testament to the growing trust and interest in digital assets. Thank you to our community for being part of this journey as we continue to redefine financial horizons. Assets under management surged to $1,021.89 million on Friday, with ARKB acquiring 21,455 BTC since launch.”

Available numbers for the Friday session suggest another upbeat day for the BTC-spot ETF market. The BTC rally likely drew more investors into the BTC-spot ETF market. The five-day winning streak could begin to reignite the FOMO (Fear of Missing Out) phenomenon.

GBTC recorded net outflows of $52 million on Friday, according to BitMEX Research. Net outflows were the lowest since the launch of the Nine in January 2024.

BTC Fear & Greed Index Nears Extreme Greed

The Bitcoin Fear & Greed Index reflected the BTC-spot ETF market-fueled shift in investor sentiment.

On Saturday, February 10, the Fear and Greed Index climbed from 72 to 74. One week earlier, the Fear & Greed Index stood at 60. Significantly, the Fear & Greed Index remains within the Greed zone, suggesting further gains. A Sunday move into the Extreme Greed zone (75) could test investor appetite before BTC-spot ETF market trading resumes on Monday.

BTC Fear and Greed Index 100224

Technical Analysis

Bitcoin Analysis

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

A BTC break above the Friday high of $48,175 and the $48,178 resistance level would support a move toward the $50,500 resistance level.

On Saturday, US lawmakers, the SEC, and BTC-spot ETF market-related data need consideration.

However, a drop below the $46,020 support level would give the bears a run at the $44,690 support level.

The 14-Daily RSI reading, 71.68, shows BTC in overbought territory. Selling pressure could intensify at the $48,178 resistance level.

BTCUSD 100224 Daily Chart

Ethereum Analysis

ETH sat above the 50-day and 200-day EMAs, sending bullish price signals.

An ETH break above the Friday high of $2,524 would support a move to the $2,650 resistance level.

ETH-spot ETF-related news also needs investor consideration.

However, an ETH fall through the $2,457 support level would bring the 50-day EMA and the $2,300 support level into view.

The 14-period Daily RSI at 63.98 suggests an ETH move to the $2,600 handle before entering overbought territory.

ETHUSD 100224 Daily Chart

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