Net inflows totaled $38.5 million on Thursday. iShares Bitcoin Trust (IBIT) led the way, registering net inflows of $163.9 million. However, on Thursday, Fidelity Wise Origin Bitcoin Fund saw net inflows slide from $232.1 million to just $35.8 million.
Several notable milestones from the week highlighted the early successes of the BTC-spot ETF market.
On Day 15, iShares Bitcoin Trust trading volumes surpass Grayscale Bitcoin Trust trading volumes. iShares Bitcoin Trust also saw its total assets reach $3 billion in just three weeks of trading.
ETF Institute co-founder Nate Geraci highlighted the achievement, saying,
“Now in the top 10% of all ETFs by assets.”
BitMEX Research: GBTC Outflows Slide to a New Low
BitMEX Research shared GBTC stats for Day 16 of trading (02/02/24). GBTC net outflows slid from $182 million (Day 15) to $145 million (Day 16). GBTC saw outflows fall to a new low, suggesting a possible jump in BTC-spot ETF market net inflows.
Bloomberg Intelligence ETF Analyst James Seyffart shared the BTC-spot ETF market trading volumes for Day 16, saying,
“The volume race isn’t even close today. $GBTC trouncing peers by over $100 mln. Another day with aggregate dollar volumes below $1 billion though.”
Launch of US BTC-Spot ETF Market and Impact on Non-US Bitcoin Funds
On Friday, James Seyffart looked beyond the BTC-spot ETF market. Sharing data from non-US BTC Funds, Seyffart noted the net outflows from international crypto funds, saying,
“Lot of talk about the inflows to the US spot Bitcoin ETFs. Including from me but taking a step back and looking at other TradFi overlaps with Bitcoin we see the opposite story. Which I wrote about yesterday. ~$537 million in outflows from international crypto funds.”
International crypto fund market data suggested investors pulling out from crypto funds to enter the US BTC-spot ETF market.
Later today, investors must consider the flow and volume data for day 16 of trading. Sub-$1 billion trading volumes could signal another session of modest inflows.
Technical Analysis
Bitcoin Analysis
BTC remained above the 50-day and 200-day EMAs, sending bullish price signals.
A breakout from the $43,500 handle would support a move to the $44,690 resistance level.
On Saturday, BTC-spot ETF market net flow data for Day 16 needs consideration.
However, a fall through the $42,968 support level would give the bears a run at the 50-day EMA. A break below the 50-day EMA would bring the $39,861 support level into play.
The 14-Daily RSI reading, 54.00, indicates a BTC move to the $44,690 resistance level before entering overbought territory.
Ethereum Analysis
ETH sat above the 50-day and 200-day EMAs. The EMAs affirmed bullish price signals.
An ETH break above the $2,350 would bring the $2,457 resistance level into play.
ETH-spot ETF-related news needs monitoring.
However, an ETH break below the 50-day EMA and $2,300 support level would support a fall to the $2,143 support level.
The 14-period Daily RSI at 48.51 suggests an ETH fall to the $2,143 support level before entering oversold territory.
