Bitcoin (BTC) News Today: ETF Market Surge Defies Inflation Pressure on BTC

BTC-Spot ETF Market Inflows Offset Impact of US Inflation Numbers

On Tuesday, March 12,  BTC extended its winning streak to seven sessions, rising by 0.14% to end the session at $71,499. Significantly, BTC climbed to a new all-time high of $72,622.

BTC-spot ETF market inflows for Monday, March 11, contributed to the gains. iShares Bitcoin Trust (IBIT) led the way on March 11, with net inflows of $562.9 million. Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows rise from $130.3 million to $215.5 million on Monday, March 11.

VanEck Bitcoin Trust (HODL) saw net inflows surge from $7.8 million to $118.8 million. Investors reacted to VanEck waiving fees until 2025.

The BTC-spot ETF market saw total net inflows climb from $223.0 million (March 8) to $505.5 million (March 11). However, Grayscale Bitcoin Trust (GBTC) net outflows of $494.1 million impacted the headline figure, according to numbers from BitMEX Research.

While BTC-spot ETF market flows drove buyer demand for BTC, US inflation numbers impacted buyer appetite. A hotter-than-expected US CPI Report sent BTC to a Tuesday (March 12) session low of $68,241 before retaking the $71,000 handle.

BTC found support from the Nasdaq Composite Index. The US equity markets brushed aside the US inflation numbers on bets the Fed will cut interest rates in June. On Tuesday, the Nasdaq Composite Index rallied 1.54%.

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas highlighted another impressive session for the BTC-spot ETF market, saying,

“Second biggest volume day for the ten and best day in the past five w/ $8.5b (only five stocks traded more). IBIT went crazy again (double $GLD volume), but the middle of pack really seeing pick-up, HODL and BTCO did 150m and 250m, huge for them.”

This morning, there was limited flow data for March 12. Investors will remain focused on the BTC-spot ETF market flows as the Bitcoin Halving event approaches.

Technical Analysis

Bitcoin Analysis

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

A BTC break above the March 12 all-time high of $72,622 would bring the $75,000 handle into play.

BTC-spot ETF market flows remain the focal point.

However, a fall through the $69,000 support level would give the bears a run at the $63,114 support level.

The 14-Daily RSI reading, 79.40, shows BTC sitting in overbought territory. Selling pressure may intensify at the March 12 all-time high of $72,622.

Ethereum Analysis

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

An ETH breakout from the March 12 high of $4,093 would support a move to the $4,200 handle.

ETH-spot ETF-related chatter needs consideration.

However, an ETH fall to the $3,800 handle would give the bears a run at the $3,683 support level.

The 14-period Daily RSI, at 79.70, shows ETH in overbought territory. Selling pressure may intensify at the March 12 high of $4,093.