Bitcoin (BTC) News Today: ETF Flows Defy Market Trends Amid Fed Speculation

On Friday, Grayscale Bitcoin Trust (GBTC) saw net outflows of $36.3 million.
Bitwise Bitcoin ETF (BITB) had net outflows of $7.9 million.
iShares Bitcoin Trust (IBIT) reported net inflows of $168.3 million, with ARK 21Shares Bitcoin ETF (ARKB) seeing net inflows of $6.0 million.
Seven issuers, including Fidelity Wise Origin Bitcoin Fund (FBTC), had zero net flows.

The Friday figures reflected the impact of the US Jobs Report on market risk sentiment. Nevertheless, the extended inflow streak may support BTC at current price levels. However, market dynamics can shift next week, with the US CPI Report and FOMC interest rate decision in focus.

Nate Geraci, President of ETF Store, commented on the recent trends in BTC-spot ETF market flows, stating,

“iShares Bitcoin ETF took in nearly *$1 bil* this week… Spot bitcoin ETFs altogether took in about *$2 bil*. I don’t think people appreciate how ridiculous this is. Especially for a product that I was told nobody wanted. Now a $60 bil ETF category. In 5mos. ‘No demand’.”

The significance of US BTC-spot ETF inflows was evident when considering losses across the broader crypto market. Ethereum (ETH) slid by 3.53% to $3,678 as investors await US ETH-spot ETF-related updates.

Technical Analysis

Bitcoin Analysis

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

A BTC return to $70,000 would support a move to the Friday (June 7) high of $71,992. A breakout from $71,992 would bring the $73,808 all-time high into play.

Investor sentiment toward the Fed rate path and US BTC-spot ETF market flow data require consideration.

Conversely, a BTC break below the $69,000 support level could give the bears a run at the 50-day EMA.

With a 56.34 14-Daily RSI reading, BTC could return to the all-time high of $73,808 before entering overbought territory.