Bitcoin (BTC) News Today: Investor Alert – BTC Falls on ETF Market Flows

Bitcoin-Spot ETF Market Flow Data Triggers BTC Pullback

On Monday (April 1), BTC declined by 2.30%. Reversing a 2.38% gain from Sunday, BTC ended the day at $69,739.

BTC reacted to US manufacturing sector data for March, which tested investor bets on a June Fed rate cut. The ISM Manufacturing PMI rose from 47.8 to 50.3 in March, with the sub-components signaling a pickup in inflationary pressure.

10-year US Treasury yields jumped 2.54%, leaving riskier assets in negative territory. BTC fell to a Monday session low of $68,093 before retaking the $69,000 handle.

BTC-spot ETF market flow data also impacted buyer demand for BTC.

Grayscale Bitcoin Trust Net Outflows Rebound

Grayscale Bitcoin Trust (GBTC) net outflow data for Monday (April 1) dashed hopes of a rundown in outflows. According to preliminary numbers from Farside Investors, GBTC saw net outflows of $303 million, up from $104.9 million on Thursday (March 28). Figures for the broader US BTC-spot ETF market were also lackluster.

  • Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $44 million (April 1), down from $68.1 million (March 28).
  • ARK 21-Shares Bitcoin ETF (ARKB) saw net outflows of $0.3 million, down from net inflows of $27.6 million. Significantly, ARKB saw net inflows of $200.7 million on March 27.
  • iShares Bitcoin Trust (IBIT) must see net inflows of at least $252 million for the BTC-spot ETF market to avoid total net outflows on April 1.

Bloomberg Intelligence ETF Analyst James Seyffart reacted to the GBTC numbers, saying,

“[…] Honestly, higher than I expected. Thought this was (would) have slowed by now.”

On February 14, 2024, the bankruptcy courts permitted Genesis Global Holdco LLC to sell $1.3 billion GBTC shares. Since the ruling, GBTC has seen total net outflows of $8,388.6 million. The numbers reveal that $7 billion of total net outflows were not attributable Genesis ruling to offload GBTC shares.

Technical Analysis

Bitcoin Analysis

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

A break above the $69,000 resistance level would support a move toward the March 14 ATH of $73,808.

On Tuesday, BTC-spot ETF market flow data, US economic data, and Fed chatter need consideration.

However, a fall through the $66,000 handle would give the bears a run at the $64,000 support level.

With a 14-Daily RSI reading of 50.47, BTC could return to the ATH of $73,808 before entering overbought territory.

BTC Daily Chart sends bullish price signals.

BTCUSD 020424 Daily Chart

Ethereum Analysis

ETH hovered above the 50-day and 200-day EMAs, confirming the bullish price trends.

A break above the $3,480 resistance level would support a move to the $3,650 handle. An ETH breakout from the $3,650 handle could give the bulls a run at the $3,835 resistance level.

Investors should continue monitoring ETH-spot ETF-related chatter amid falling bets of an SEC approval.

Conversely, an ETH break below the 50-day EMA could signal a drop to the $3,244 support level.

The 14-period Daily RSI reading of 45.41 indicates an ETH fall to the $3,244 support level before entering oversold territory.

ETH Daily Chart sends bullish price signals.
ETHUSD 020424 Daily Chart
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