BTC-Spot ETF Demand: On Monday (June 10), the price of Bitcoin (BTC) dropped by 0.16%, bringing the daily session to a close at $69,570. The market flow data for the US BTC-spot ETF affected the buyer’s desire for Bitcoin. As the Federal Reserve prepares to announce its interest rate decision on Tuesday (June 11), investor nervousness may impact buyer demand for Bitcoin and the cryptocurrency market as a whole.
First Outflows Since May 10 in the US BTC-Spot ETF Market
Bitcoin (BTC) had a value decrease of 0.16% on Monday, June 10. Bitcoin finished the day at $69,570, partially erasing a gain of 0.43% from the previous day, which was Sunday (June 9). Fed Fear affected buyer demand for Bitcoin as well as the cryptocurrency market as a whole. The Federal Open Market Committee (FOMC) interest rate decision, economic estimates, and the press conference were all subjects of anticipation for investors.
Investors’ expectations of a rate hike by the Federal Reserve in September were dampened by the recent US Jobs Report. On Monday, investors’ sentiment regarding the Fed’s course on interest rates continued to fluctuate. The probability that the Federal Reserve will maintain its current policy in September climbed from 49.5% to 51.0%, as shown by the CME FedWatch Tool.
Regarding buyer demand for US BTC-Spot ETF Demand, Farside Investors reports that investors are unclear about the Fed’s rate path.
- Grayscale Bitcoin Trust (GBTC) saw net outflows of $39.5 million on Monday.
- Invesco Galaxy Bitcoin ETF (BTCO) had net outflows of $20.5 million. BTCO last reported net outflows on May 1.
- Fidelity Wise Origin Bitcoin Fund (FBTC) saw net outflows of $3.0 million. FBTC also last saw net outflows on May 1.
- Excluding flow data for iShares Bitcoin Trust (IBIT) and Valkyrie Bitcoin Fund (BRRR), the US BTC-spot ETF market reported total net outflows of $55.4 million.
It would be a setback for the US Bitcoin spot ETF market if IBIT and BRRR do not post net inflows of more than $55.4 million, ending 18 days of gains. Also following a downward trend, ethereum’s (ETH) price dropped 1.07% to $3,666 on Monday. Nothing has happened in the US market that could lead to an Ethereum spot ETF.
Also Read: Bitcoin Price: Analyst Predicts ‘Big Week’, Price Rally?
ProShares Races to Launch US ETH-Spot ETF
According to the most recent report from Bloomberg Intelligence ETF Analyst James Seyffart, “Notably, ProShares passed on BTC-spot ETFs but deemed an application for an ETH-spot ETF appropriate.”. If the SEC authorizes the 19b-4 in time, ProShares might begin alongside. The early applications while issuers await the approval of the S-1 forms.
The US ETH-spot ETF market might see an influx of capital if more prominent figures were to compete. Regarding ETF Issuer Revenue, Proshares Advisors LLC was ranked sixth by the ETF Database. Vanguard was placed fourth, behind market leaders BlackRock (BLK), State Street (STT), and Invesco (IVZ).
Technical Analysis
Bitcoin Analysis
Bullish price indications were reinforced as BTC-Spot ETF Demand stayed comfortably above the 50-day and 200-day exponential moving averages. Going back up to $70,000 in BTC would pave the way to the peak of $71,992, reached on Friday, June 7. The all-time high of $73,808 might be reached if the price breaks from $71,992. It would be best if you thought about US political events, economic statistics, and data on the flow of the Bitcoin spot ETF market.
The bears may be able to challenge the 50-day exponential moving average (EMA) if Bitcoin prices fall below the $69,000 support level. At its 14-day RSI level of 55.77, Bitcoin can retest its all-time high of $73,808 before it enters overbought territory.
Ethereum Analysis
ETH’s price action was positive, remaining above the 50-day and 200-day exponential moving averages. If the price can rise above $3,750, bulls may be able to challenge the $3,835 mark. The $4,000 mark could become relevant if ETH exceeds the $3,835 resistance level. Attention all investors: there have been revisions regarding the US ETH-spot ETF.
In contrast, the 50-day exponential moving average and the $3,480 support level could be targets. The bears if ETH drops below the $3,600 handle. Ethereum (ETH) might potentially retest $4,000 before entering the overbought territory, according to the 14-period Daily RSI reading of 52.52.
