On Monday, VanEck Bitcoin Trust (HODL) had outflows of $38.4 million. (Friday, July 19: Inflows of $41.8 million).
Fidelity Wise Origin Bitcoin Fund (FBTC): Inflows of $23.7 million. (Friday: Inflows of $141.0 million).
Invesco Galaxy Bitcoin ETF: Inflows of $13.7 million.
Excluding flow data for iShares Bitcoin ETF (IBIT) and Bitwise Bitcoin ETF (BITB), the US BTC-spot ETF market saw total net inflows of $6.9 million.
On Friday, the US BTC-spot ETF market reported total net inflows of $427.2 million.
A rebound in US BTC-spot ETF market inflows could help cushion the impact of Mt. Gox creditors selling their BTC. However, it could hinge on how much BTC creditors sell.
Based on July’s flow trends, the US BTC-spot ETF market may take 6-8 weeks to absorb the excess supply if creditors sell all their BTC.
SEC Approves US ETH-Spot ETFs
On Monday, the SEC gave US ETH-spot ETF issuers the green light to launch.
Bloomberg Intelligence Senior ETF Analyst Eric Balchunas commented,
“It’s official: Spot Eth ETFs have been made effective by the SEC. The 424(b) forms are rolling in now, the last step = all systems go for tomorrow’s 930am launch. Game on.”
US ETH-spot ETF market flow trends will be crucial. Similar demand to the US BTC-spot ETF market could signal an ETH return to $4,000.
Investors should remain alert. Mt. Gox-related updates and US BTC-spot ETF flow data will influence the crypto market. Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay up-to-date with our latest news and analysis to manage crypto market risk.
Technical Analysis
Bitcoin Analysis
BTC remained well above the 50-day and 200-day EMAs, sending bullish price signals.
A BTC break above the $69,000 resistance level would support a move to $70,000. A breakout from $70,000 could give the bulls a run at the March 2024 all-time high of $73,808.
On the other hand, a drop below the $64,000 support level and the 50-day EMA could give the bears a run at the $60,365 support level.
With a 65.20 14-Daily RSI reading, BTC could return to $70,000 before entering overbought territory.
The US BTC-spot ETF market saw a significant shift in inflows on Monday, with VanEck Bitcoin Trust (HODL) experiencing outflows of $38.4 million, Fidelity Wise Origin Bitcoin Fund (FBTC) receiving inflows of $23.7 million, and Invesco Galaxy Bitcoin ETF seeing inflows of $13.7 million. This comes after a strong Friday, where the market reported total net inflows of $427.2 million.
The news of the day, however, was the SEC’s approval of US ETH-spot ETFs, allowing issuers to launch these products. Bloomberg Intelligence Senior ETF Analyst Eric Balchunas expressed excitement over the development, stating that the last step is complete and all systems are go for the launch.
Investors are advised to closely monitor flow trends in the US BTC-spot ETF market and stay updated on Mt. Gox-related news, as these factors could impact the crypto market. Technical analysis of Bitcoin shows bullish signals, with the cryptocurrency remaining above key EMAs and poised for a potential breakout above $70,000. However, a drop below $64,000 could signal a bearish trend.
Overall, the market is in a state of flux, with the potential for significant movements in both Bitcoin and Ethereum. Stay tuned for real-time updates and expert analysis to navigate the crypto market effectively.
