Bitcoin (BTC) News Today: Halving Clock Ticks Blow 40 Days Amidst ETF Inflow Surge

iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund Inflows

On Saturday, BTC rose by 0.19%. Following a 2.00% gain on Friday, BTC ended the session at $68,446.

BTC-spot ETF market net inflows for the week ending March 8 drove buyer demand for BTC. Total net inflows increased from $1,722.5 million (week ending March 1) to $2,239.1 million (week ending March 8).

Significantly, iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) saw higher net inflows. IBIT saw net inflows increase from $2,050.5 million to $2,070.6 million in the week ending March 8. FBTC saw net inflows surge from $708.6 million to $1,339.6 million.

Higher Grayscale Bitcoin Trust (GBTC) net outflows left total market inflows short of the weekly high of $2,271 million recorded in the week ending February 16. GBTC outflows increased from $1,455.7 million to $1,654.4 million. The markets attributed the GBTC outflows to the court ruling, allowing Genesis Global Hold Co to liquidate approximately $1,300 million of GBTC shares.

ETFStore President Nate Geraci shared his views on the BTC-spot ETF market on Saturday, saying,

“iShares Bitcoin ETF has eclipsed $10bil net inflows… That’s net inflows in 40-days. Pulling down avg of $250mil/day. Now at $13.6bil AUM. For context, ARK Invest has about $16.5bil in total assets. Firm launched in 2014.”

iShares Bitcoin Trust Flips MicroStrategy on BTC Holdings

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas shared a post from Fred Krueger, saying,

“All this was bound to happen, but not in eight weeks. Scary fast.”

Fred Krueger shared a chart showing IBIT flipped MicroStrategy (MSTR) in BTC holdings. The chart also showed the Nine flipping GBTC, with BTC holdings of 405k vs. 396k.

The surge in demand for BTC coincides with the BTC halving event. The countdown to Bitcoin halving is underway, with less than 40 days remaining.

The upcoming halving event and continued demand for BTC through the BTC-spot ETF market paint a positive outlook. Supply and demand support bets on a BTC move toward $100,000 in 2024. However, the BTC-spot ETF market must continue current flow trends to send BTC to unprecedented levels.

The Bitcoin Fear & Greed Index signals a lower degree of extreme greed despite BTC sitting near the all-time high of $70,076.

On Sunday, March 10, the Bitcoin Fear & Greed Index fell from 84 to 79. While remaining within the Extreme Greed zone, the pullback suggests a reduced chance of a BTC sell-off.

On Sunday, BTC was up 1.40% to $69,404.

Technical Analysis

Bitcoin Analysis

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

A BTC return to the Friday all-time high of $70,076 would give the bulls a run at the $75,000 handle.

BTC-spot ETF market flows remain the focal point.

However, a fall below the $68,000 handle would bring the $65,000 handle into play. A drop below the $65,000 handle could give the bears a run at the $59,176 support level.

The 14-Daily RSI reading, 76.32, shows BTC sitting in overbought territory. Selling pressure may intensify at the Friday all-time high of $70,076.

Ethereum Analysis

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

An ETH move to the Friday high of $4,013 would give the bulls a run at the $4,200 handle.

Sentiment toward the SEC approving ETH-spot ETFs remains the main driver.

However, an ETH drop below the $3,800 handle would bring the $3,683 support level into play.

The 14-period Daily RSI, at 85.46, shows ETH in overbought territory. Selling pressure could intensify at the Friday high of $4,013.