{"id":82754,"date":"2024-06-27T07:16:03","date_gmt":"2024-06-27T11:16:03","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=82754"},"modified":"2024-06-27T07:17:11","modified_gmt":"2024-06-27T11:17:11","slug":"bitcoin-etf-inflows-surge-ahead-us-gdp-data","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-etf-inflows-surge-ahead-us-gdp-data\/","title":{"rendered":"Bitcoin ETF Inflows Surge Ahead US GDP Data"},"content":{"rendered":"\n

Spot Bitcoin ETFs <\/a>saw over $21 million inflow on Wednesday. This precedes the U.S. GDP growth rate and Federal Reserve PCE inflation data.<\/p>\n\n\n\n

\"Bitcoin<\/figure>\n\n\n\n

On Wednesday, June 26, Bitcoin ETF transactions were positive, with a total of over $21 million.<\/p>\n\n\n\n

Fidelity led the influx, while BlackRock stayed stagnant.<\/p>\n\n\n\n

Additionally, Grayscale's GBTC<\/a> attracted attention with its positive flows following an outflow trend.<\/p>\n\n\n\n

These inflows occur at a critical juncture for the crypto market and Bitcoin (BTC), as the U.S. GDP growth data is scheduled to be released on Thursday, June 27.<\/p>\n\n\n\n

Latest Bitcoin ETF Inflow Data<\/h2>\n\n\n\n

The Fidelity FBTC ETF has received $18.6 million in new investments.<\/p>\n\n\n\n

Grayscale's GBTC, on the other hand, experienced an unexpected inflow of $4.3 million following a recent period of substantial outflows.<\/p>\n\n\n\n

However, the BlackRock Bitcoin ETF (IBIT) stayed flat, with no inflows.<\/p>\n\n\n\n

Bitwise's BITB, Invesco Galaxy's BTCO, Franklin Templeton's EZBC, and Valkyrie's BRRR ETF, which also recorded zero flows, mirrored the trend.<\/p>\n\n\n\n

Furthermore, VanEck's HODL has received $3.4 million in inflows.<\/p>\n\n\n\n

On the other hand, Ark encountered the sole outflows, which totaled $4.9 million.<\/p>\n\n\n\n

On Tuesday, the 10 Bitcoin ETFs experienced a net inflow of $31 million, which represents a reversal of the outflow trend noted last week.<\/p>\n\n\n\n

Additionally, the recent inflow serves to reinforce the renewed interest of investors in these funds.<\/p>\n\n\n\n

Meanwhile, the Bitcoin price\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> has been varying between $61,000 and $62,000, a narrow range that suggests market uncertainty.<\/p>\n\n\n\n

Today's anticipated release of the US GDP growth rate data may potentially impact the market.<\/p>\n\n\n\n

Furthermore, Friday, June 28, is a significant date due to the quarterly futures and options settlements.<\/p>\n\n\n\n

These events are historically recognized for their volatile market conditions.<\/p>\n\n\n\n

Additionally, investors are anticipating the release of the Federal Reserve's favored inflation data, the Personal Consumption Expenditures (PCE) index, which coincides with a substantial $6.72 billion options expiry.<\/p>\n\n\n\n

The max pain point for these Bitcoin options is $57,000, which raises concerns about a potential collapse.<\/p>\n\n\n\n

On Friday, a Put Call Ratio of 0.52 will expire, with over 104K options.<\/p>\n\n\n\n

While most traders are optimistic about Bitcoin's price, the max pain point offers a different image.<\/p>\n\n\n\n

Government BTC Selloffs<\/h2>\n\n\n\n

Amid\u00a0this\u00a0market volatility, the German government <\/a>has been liquidating its Bitcoin holdings, transferring another\u00a0595 BTC to key\u00a0cryptocurrency exchanges.<\/p>\n\n\n\n

In the past few days, the German government-associated address has sold over 2,000 BTC as part of a wider sell-off strategy.<\/p>\n\n\n\n

Moreover, the persistent nature of these sales implies that the German authorities may not have exhausted their liquidation efforts.<\/p>\n\n\n\n

On June 26, the U.S.\u00a0government transferred a massive\u00a04,000 Bitcoin (BTC) worth\u00a0$241 million to Coinbase Prime<\/a>, following Germany's lead.<\/p>\n\n\n\n

Additionally, this transfer resulted in a 1.5% dip in Bitcoin's price, which closed just below $61,000.<\/p>\n\n\n\n

However, CryptoQuant CEO Ki Young Ju highlighted that the price drop is not primarily caused by governmental sell-offs, despite these sales.<\/p>\n\n\n\n

Ju asserts that Coinbase Prime is capable of managing a significant amount of liquidity, specifically between 20,000 and 49,000 BTC during periods of high Spot Bitcoin ETF inflows.<\/p>\n\n\n\n

However, it remains within the range of 6,000 to 15,000 BTC during periods of reduced inflow.<\/p>\n\n\n\n

What\u2019s Next For BTC Price?<\/h2>\n\n\n\n

Bitcoin's current price is just above the critical $60,000 support level, which has been tested over five times since March 2024.<\/p>\n\n\n\n

Moreover, the oldest crypto is currently trading below the 50-day simple moving average (SMA) and above the 200-day SMA, indicating a tug-of-war between bearish and bullish sentiments.<\/p>\n\n\n\n

At present, the Relative Strength Index (RSI) for Bitcoin is 33, which is barely above the oversold threshold of 30, which analysts believe could stimulate a recovery.<\/p>\n\n\n\n

However, the BTC price currently trading below its moving average, which implies that there is potential for further downturn.<\/p>\n\n\n\n

Over the past four months, the Bitcoin price has been settling within a broad range, with an upper boundary of $73,500 and a lower boundary of $60,000.<\/p>\n\n\n\n

However, for bulls to regain control, they have to push the price above $65,000, a level that may face resistance at $72,000.<\/p>\n\n\n\n

Conversely, a drop below $60,000 could induce panic selling.<\/p>\n\n\n\n

It has the potential to lower the price to the support zone of $50,000 to $52,000.<\/p>\n\n\n\n

Furthermore, market sentiment may be significantly affected by the release of US GDP growth rate data.<\/p>\n\n\n\n

The presence of a robust economy is typically reflective of robust GDP growth, which can increase investor confidence in riskier assets such as Bitcoin.<\/p>\n\n\n\n

On the other hand, sluggish GDP growth may increase economic uncertainty, prompting investors to seek safer havens such as gold and potentially causing the Bitcoin price to fall.<\/p>\n","protected":false},"excerpt":{"rendered":"

Spot Bitcoin ETFs saw over $21 million inflow on Wednesday. This precedes the U.S. GDP growth rate and Federal Reserve PCE inflation data. On Wednesday, June 26, Bitcoin ETF transactions were positive, with a total of over $21 million. Fidelity led the influx, while BlackRock stayed stagnant. Additionally, Grayscale’s GBTC attracted attention with its positive flows […]<\/p>\n","protected":false},"author":56,"featured_media":79362,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[18740,18741,16494,8615],"class_list":["post-82754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-etf-inflows","tag-blackrock-bitcoin-etf","tag-grayscale-bitcoin-etf","tag-spot-bitcoin-etf-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/Global-Bitcoin-ETF-Approaching-1M-BTC-Bullish-for-BTC.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=82754"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82754\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/79362"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=82754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=82754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=82754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}