Bitcoin

BTC Rises as BTC-Spot ETFs Watch Fed Moves

BTC Rises as BTC Spot ETFs: The bitcoin (BTC) price rose 0.30 per cent on JuJune 1reaching a session high of $67,717. Data on the US Bitcoin spot ETF market flow on Friday, MaMay 31contradicted the persistent US inflation figures. Bets on a rate decrease by the Federal Reserve in September could be affected by US economic figures for the upcoming week, which investors are expected to evaluate on Sunday, JuJune 2.

US BTC-Spot ETF Market Extended Net Inflow Streak to 14 Sessions

US BTC-Spot ETF Market Extended Net Inflow Streak to 14 Sessions

Bitcoin (BTC) rose 0.30 per cent on JuJune 1Bitcoin completed the day at $67,717, somewhat correcting a 1.27% drop from Friday, MaMay 31Friday’s (MaMay 31US BTC-spot ETF market flow data boosted buyer demand for BTC. Interest in Bitcoin spot ETFs is rising as investors wager more on a September Fed rate decrease. In the week ending MaMay, 31the chance of the Fed standing pat in September dropped from 50.2% to 45.2%, according to the CME FedWatch Tool. Investors’ anticipation of a rate cut from the US Federal Reserve rose despite the inflationary statistics for April.¬†Farside Investors’ flow data from Friday (May 31indicates 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 $2,095.5 million in net inflows in May. In April, $344 million was removed from the US Bitcoin spot ETF market.

US BTC-Spot ETFs Hold Almost 900,000 Bitcoin

US BTC-Spot ETFs Hold Almost 900,000 Bitcoin

The US Bitcoin spot ETF market had $2,095.5 million in net inflows in May. In April, $344 million was removed 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.

Despite a four-week inflow streak in the US Bitcoin spot ETF market, the global financial markets may experience some volatility next week. The US job market data and US ISM Services PMI will impact the trajectory of interest rates set by the Fed. The demand for riskier assets and the euphoria surrounding a September rate cut could be wet by better-than-expected figures.

The crypto market may face a bleak backdrop if the US BTC-spot ETF market resumes massive net withdrawals and the Fed becomes more hawkish. In May, the US Bitcoin spot ETF market showed remarkable resilience. Still, thinking about the latest ETH-spot ETF market news is essential.

Technical Analysis

Bitcoin Analysis

Bitcoin’s price continued to give optimistic indications as it stayed above the 50-day and 200-day exponential moving averages. Breaking the $69,000 resistance level would pave the way for Bitcoin to reach its all-time high of $73,808. It would be best to consider the SEC’s actions, how the market feels about the Fed’s rate path, and the talk around the Bitcoin spot ETF market. On the flip side, the $64,000 support level could be a target for the bears if Bitcoin drops below the 50-day exponential moving average. Bitcoin may recover to its all-time high of $73,808 before overbought due to a 14-day RSI of 53.55.

Ethereum Analysis

ETH remained elevated above the 50-day and 200-day exponential moving averages, confirming the upward price trends. If Ethereum were to break out of the $3,835 resistance mark, bulls would have a better chance of breaking over the $4,000 handle. If the $4,000 handle reappears, the $4,091 high from March would again be relevant. News on the US-based Ethereum spot ETF requires attention. Bears may try to break $3,480 if ETH falls below $3,700. The 14-period Daily RSI is 66.31, suggesting ETH could retest $4,000 before overbought.

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