Bitcoin (BTC) News Today: ETF Flows Signal Market Direction Amid Halving Speculation

BTC-Spot Market Faces Risk of Net Outflows

On Thursday (April 11), BTC declined by 0.41%. Partially reversing a 1.58% gain from Wednesday, BTC ended the session at $70,017.

BTC-spot ETF market flow data for April 10 impacted buyer demand for BTC. On Wednesday, the BTC-spot-ETF market saw net inflows of $123.7 million, according to BitMEX Research. However, Grayscale Bitcoin Trust (GBTC) saw net outflows tumble, ensuring the BTC-spot ETF market avoided a third successive day of net outflows.

• GBTC saw total net outflows of $17.5 million on Wednesday, April 10.
• iShares Bitcoin Trust (IBIT) saw net inflows of $33.3 million, down from $128.7 million on Tuesday, April 9.
• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows jump from $3.0 million to $76.3 million.
• Bitwise Bitcoin ETF (BITB) contributed, with net inflows of $24.3 million.

BTC-spot ETF market flow data for Thursday (April 11) could further test buyer demand for BTC. According to preliminary numbers from Farside Investors,

• GBTC saw net outflows of $125.0 million.
• FBTC saw net inflows slide to $4.6 million.
• Bitwise Bitcoin ETF (BITB) saw net inflows of $11.1 million.

Excluding IBIT numbers, the BTC-spot ETF market saw net outflows of $100.8 million.

After a sharp pullback in IBIT net inflows on Wednesday, another soft day of inflows would leave investors to react to total net outflows. Nevertheless, IBIT continues to impress early in the second quarter.

Bloomberg Intelligence Senior ETF Analyst had this to say about IBIT,

“IBIT is up over 50% and has taken in $15b in new cash in three months, both of those numbers are double any other BlackRock ETF and they have 421 of them. That is about as hot as the iron gets holmes.”

The BTC-spot ETF market flow data has more significance in April. The Bitcoin halving event will reduce supply. Sustained demand from the BTC-spot ETF market could support a BTC move toward $100,000 once the halving dust settles.

Bitcoin Halving Countdown Clock

The Bitcoin Halving Countdown Clock estimates the halving will happen in nine days and seven hours (April 21).

Technical Analysis

Bitcoin Analysis

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

A BTC breakout from the April 8 high of $72,578 would give the bulls a run at the March 14 ATH of $73,808. However, BTC must break down resistance at $71,500.

On Friday, BTC-spot ETF market flow data warrants investor attention.

Conversely, a BTC fall through the $69,000 support level could signal a BTC drop to the $64,000 support level.

With a 14-Daily RSI reading of 56.37, BTC may return to the all-time high of $73,808 before entering overbought territory.

Ethereum Analysis

ETH sat above the 50-day and 200-day EMAs. The EMAs confirmed the bullish price trends.

An ETH return to the $3,600 handle would support a move to the April 8 high of $3,730. A breakout from the April 8 high could give the bulls a run at the $3,835 resistance level.

ETH-spot ETF-related commentary needs consideration.

Conversely, an ETH fall through the $3,480 support level would give the bears a run at the 50-day EMA. A drop below the 50-day EMA would bring the $3,244 support level into play.

The 14-period Daily RSI reading of 51.96 indicates an ETH move to $4,000 before entering overbought territory.