Bitcoin (BTC) News Today: Spot ETF Market Trends Fuel Speculation About a Dry Up

BTC-Spot ETF Market:

On Sunday, BTC rallied 4.88%. Following a 0.36% gain on Saturday, BTC closed the session at $67,224.

In the second half of the week ending March 22, Grayscale Bitcoin Trust (GBTC) net outflows trended lower, supporting buyer demand for BTC.

GBTC saw net outflows of $169.9 million on March 22 versus $358.8 million on March 21 and $642.5 million of net outflows on March 18. Outflows on March 18 were the highest since the launch of the Nine on January 11.

With GBTC net outflows of $2,001.3 million in the week ending March 22, the markets anticipate net outflows to fall significantly. Investors attributed the GBTC net outflows to the bankruptcy court ruling, allowing Genesis Global Holdco LLC to liquidate GBTC shares worth approximately $1.3 billion.

The BTC-spot ETF market saw five consecutive days of net outflows in the week ending March 22. BTC-spot ETF market flow data for March 25 could impact buyer demand for BTC late in the session. GBTC outflows and inflow data for iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) will likely be the focal points.

IBIT and FBTC registered 51 consecutive days of net inflows on Friday. However, Five consecutive sessions of total net outflows fueled speculation about the BTC-spot ETF market seeing inflows dry up.

President of ETF Store Nate Garaci had this to say about the BTC-spot ETF market flow trends,

“Spot bitcoin ETFs have taken in a net $11bil & have $50bil AUM in 2+ months & the media is already trying to call it over… No idea what happens w/ flows moving forward, but someone pls tell them numerous RIAs & brokerage platforms haven’t even approved these things for use yet.”

Bitcoin Fear and Greed Index on the Extreme Greed Border

The Bitcoin Fear and Greed Index trended higher on Monday, rising from 74 to 75. Significantly, the Fear and Greed Index moved to the border with the Extreme Greed zone.

The Index at current levels signals a possible BTC retreat. However, the Index trend need consideration. Upward trends toward 80, driven by a rebound in total net inflow, could support a return to the March 14 all-time high of $73,808. The Fear and Greed Index reached a 2024 high of 88 on March 14.

Technical Analysis

Bitcoin Analysis

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

A BTC break above the $69,000 resistance level would support a move toward the March 14 ATH of $73,808.

On Monday, BTC-spot ETF market flow data and SEC-related news warrant investor consideration.

Conversely, a fall through the $65,000 handle could give the bears a run at the $64,000 support level. A break below the $64,000 support level could bring the $60,365 support level into play.

The 14-Daily RSI reading, 54.31, suggests a BTC return to the ATH $73,808 before entering overbought territory.

Ethereum Analysis

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

An ETH break above the $3,480 resistance level would support a move to the $3,600 handle.

ETH-spot ETF-related chatter about the May approval window warrants investor consideration.

Conversely, an ETH break below the 50-day EMA and the $3,244 support level could signal a drop to the $3,033 support level.

The 14-period Daily RSI at 49.16 indicates an ETH drop to the $3,033 support level before entering oversold territory.