BTC Rises as BTC Spot ETFs 0.30 percent on June 1rising to a session high of $67,717. Friday, data from the US market of Bitcoin spot ETFs shows that the US inflation figures are still relatively high. Expectations about a rate change by the Federal Reserve on September 14 could be swayed by US economic data for the next week, which investors will assess on Sunday, June 2.
US BTC-Spot ETF Market Extended Net Inflow Streak to 14 Sessions
Bitcoin (BTC) rose 0.30% on June 1Bitcoin finished the Day at $67,717, thus pulling back a little from a 1.27% drop from Friday, May 31Friday’s (May 31US BTC-spot ETF market flow data that tells us the buyers are increasing their confidence in BTC. Bitcoin spot ETFs are triggering the increase in interest as investors are staking more on a future Fed rate cut. From 50.2% at the beginning of the week, the probability of the Fed holding the rates at its meeting in September, as per the CME FedWatch Tool, has decreased to 45.2%. The pressure for the Fed’s upcoming scenario at the U.S. Feds escalated even about the March inflationary statistics for April—Farside Investors’ flow data from Friday (May 31 indicates that).
- Grayscale Bitcoin Trust (GBTC) and VanEck Bitcoin Trust (HOLDL) saw net outflows of $124.0 million and $1.9 million respectively.
- iShares Bitcoin Trust (IBIT) topped the ETF table with net inflows of $169.1 million.
- Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $5.9 million.
- Eight of the eleven issuers had zero net flows on the last Day of May.
The US Bitcoin spot ETF market had recorded net inflows of $2,095.5 million in May. Conversely, in April, there was a net outflow of $344 million from the Bitcoin ETF market in the U.S.
US BTC-Spot ETFs Hold Almost 900,000 Bitcoin
In May, the US Bitcoin spot ETF market was the net beneficiary of $2,095.5 million. In April, $344 million was withdrawn from the US Bitcoin spot ETF market.
- IBIT held 291,567 BTC as of May 31, with GBTC holding 285,139.
- FBTC ranked a distant third, with 164,118 BTC.
- The US BTC-spot ETF market had a total BTC holding of 858,368 as of May 31, 2024.
Though Bitcoin spot ETF inflows in the US continue for the fourth consecutive week, the worldwide financial markets might go through some turbulence next week. The US Bureau of Labor Statistics (BLS) releases the job market data and the ISM Services PMI next week. These will be the two main drivers influencing the Federal Reserve’s (Fed) decision on the future path for interest rates. If the data is much better than expected, the optimism regarding a September rate cut and the demand for riskier assets might fade.
The background in the crypto market may be dark if the US BTC-spot ETF market recurs withdrawals of a very high net amount and the Fed becomes more hawkish. Investigating the health of the US Bitcoin spot ETF market in May, we can see that it stood the recent turmoil. On the other hand, discussing the main news of the last ETH-spot ETF market entry is a must.
Technical Analysis
Bitcoin Analysis
Bitcoin’s price has sustained its uptrend throughout the 50- and 200-day Exponential Moving averages, implying continuing bullish signals. If Bitcoin moves above the $69,000 resistance level, the coin can get closer to the all-time high of $73,808. To understand the impact of this unfolding situation, it is wise to turn to the SEC’s actions and see how the market perceives the market and the market going around the spot market. Conversely, the $64k support level will likely be the bears’ next pause point when Bitcoin breaks the 50-day EMAs. Bitcoin can crash to $73,808, the last Bitcoime hthe price declines further to 14 days RSI 53.55.
Ethereum Analysis
ETH held on over the 50-day and 200-day exponential moving averages, which proves the price uptrends. If Ethereum successfully breaks out above the resistive zone of $3,835, bulls would be better positioned to break over the $4,000 handle. The handle of $4,000 again becomes relevant if it deems the $4,091 (from March) high was the maximum. News on the Ethereum spot ETF, set on the US market, must be made clear. Bears are clarified to beat $3,480 if ETH slips beneath $3,700. The 14-period RSI Daily is 66.31, which means ETH might try again to test the $4,000 benchmark before it enters the overbought.
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