Bitcoin (BTC) News Today: BTC-Spot ETF Outflows and the SAB 121 Veto

US BTC-Spot ETF Market Faces Net Outflows for the First Time in 14 Sessions

On Friday (May 31), bitcoin (BTC) declined by 1.27%. Reversing a 1.09% gain from Thursday (May 30), BTC ended May up 11.28% to $67,518.

The US Personal Income and Outlays Report impacted buyer demand for BTC. The Core PCE Price Index increased 2.8% year-on-year in April after advancing 2.8% in March. Sticky inflation could delay the timing of a Fed interest rate cut.

The US BTC-spot ETF market reacted to the US economic indicators. According to Farside Investors,

• Grayscale Bitcoin Trust (GBTC) saw net outflows of $124.3 million on Friday after zero net flows on Thursday.
• VanEck Bitcoin Trust (HODL) had net outflows of $1.9 million on Friday.
• Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $5.9 million after inflows of $119.1 million on Thursday.
• Excluding flow data for iShares Bitcoin Trust (IBIT) and Valkyrie Bitcoin Fund (BRRR), the US BTC-spot ETF market saw total net outflows of $120.3 million.

Significantly, the US BTC-spot ETF market could end a thirteen-day inflow streak.

Amidst the uncertainty about the Fed rate path, the US administration poured cold water on investor hopes of a softer Biden Administration stance on crypto.

US President Joe Biden Vetos SAB 121 Resolution

On Friday, US President Joe Biden vetoed the SAB 121 resolution. President Biden issued a public statement, saying,

“My administration will not support measures that jeopardize the well-being of consumers and investors.”

President Biden added,

“My Administration is eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities, which will promote the responsible development of digital assets and payment innovation and help reinforce United States leadership in the global payments system.”

The decision comes amidst increasing crypto chatter on Capitol Hill. Former US President Donald Trump recently plugged crypto, saying,

“If you like crypto in any form…and it comes in many forms…if you’re in favor of crypto, you better vote Trump.”

Before the US BTC-spot ETF market, 52 million Americans owned crypto. Increasing interest in digital assets and innovation could put crypto center stage in the US Presidential Election.

Technical Analysis

Bitcoin Analysis

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

A BTC move through the $69,000 resistance level could give the bulls a run at the $73,808 all-time high.

US lawmaker chatter, US BTC-spot ETF market flow trends, and SEC activity need consideration.

Conversely, a BTC break below the 50-day EMA could signal a drop toward the $64,000 support level.

With a 52.92 14-Daily RSI reading, BTC may climb to the all-time high of $73,808 before entering overbought territory.

Ethereum Analysis

ETH sat comfortably above the 50-day and 200-day EMAs, affirming the bullish price signals.

If ETH breaks above the $3,835 resistance level, it could return to the $4,000 mark. A breakout from the $4,000 handle could signal a move to the March high of $4,091.

US ETH-spot ETF-related news needs consideration.

Conversely, an ETH break below the $3,700 handle could bring the $3,480 support level into play.

The 14-period Daily RSI reading, 64.30, indicates an ETH rise to $4,000 before entering overbought territory.