Bitcoin (BTC) News Today: $60,000 in View as Spot-ETF Volumes Surge

BTC-Spot ETF Market Flows Send BTC to $57,000

On Monday, BTC rallied 5.35%. Following a 0.31% gain on Sunday, BTC ended the session at $54,463.

BTC-spot ETF market flows from Monday fueled a BTC breakout. Grayscale Bitcoin Trust (GBTC) net outflows continued to trend lower, signaling an upswing in net inflows for the broader BTC-spot ETF market. On Monday (February 26), GBTC saw net outflows of $22.4 million, the lowest since the launch of the Nine.

Available flow data for the Nine was BTC-price positive. At the time of writing, the BTC-spot ETF market saw net inflows of $403.06 million. Net inflows were up from $232.5 million on Friday (February 23). Significantly, flow data for iShares Bitcoin Trust (IBIT), Invesco Galaxy Bitcoin ETF (BTCO), and Valkyrie Bitcoin Fund (BRRR) were still pending.

Considering IBIT trading volumes for Monday (February 26), BTC-spot ETF market total net inflows could exceed total net inflows from the week ending February 23. The BTC-spot ETF market saw total net inflows of $583.5 million, down from $2,271 million in the previous week.

Bloomberg Intelligence ETF Analyst James Seyffart reacted to the latest flow data, saying,

“Daily record for the US spot ETF flows is $655 million from day 1. Second is from Feb 13, when they took in $631 million. (all data is net flows). A big day from IBIT could push us beyond that Day 1 record.”

Investors expect total net inflows to hit a record high on Monday. BTC-spot ETF market trading volumes saw the second largest volume since the launch of the Nine. Importantly, the Nine saw trading volume hit $2,391.5 million, excluding GBTC volume, the highest since the launch of the Nine.

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas shared the news, saying,

“It’s official..the New Nine Bitcoin ETFs have broken all time volume record today with $2.4b, just barely beating Day One but about double their recent daily average. $IBIT went wild accounting for $1.3b of it, breaking its record by about 30%.

Technical Analysis

Bitcoin Analysis

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

A BTC break above the $57,000 resistance level would support a move toward $60,000.

BTC-spot ETF market flow data remains the focal point.

However, a drop below the $55,000 handle would bring the $53,000 support level into play.

The 14-Daily RSI reading, 80.05, shows BTC in overbought territory. Selling pressure could intensify at the $57,000 resistance level.

 

Ethereum Analysis

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

An ETH break above the Tuesday morning high of $3,276 would support a move toward the $3,500 handle.

ETH-spot ETF-related chatter needs consideration.

However, an ETH break below the $3,200 support level would bring the $3,000 handle into play.

The 14-period Daily RSI at 81.79 shows ETH in overbought territory. Selling pressure may intensify at the Tuesday morning high of $3,276.