Bitcoin (BTC) News Today: US BTC-Spot ETF 17-Day Inflow Streak at Risk

Caution Hits Riskier Assets as the US Jobs Report Looms

On Thursday (June 6), bitcoin (BTC) declined by 0.22%. Partially reversing a 0.75% gain from Wednesday (June 5), BTC ended the session at $70,823.

Investor apprehension about the US Jobs Report impacted buyer demand for US BTC-spot ETFs. After disappointing US ADP private payroll figures for May, investors are betting on a September Fed rate cut.

Nevertheless, the US BTC-spot ETF market and US equity markets reflected investor caution toward the US Jobs Report.

Weaker-than-expected labor market conditions could impact consumer spending and dampen demand-driven inflation. A softer inflation outlook could allow the Fed to cut interest rates. Conversely, a spike in nonfarm payrolls and an upward trend in wage growth could sink investor bets on a September Fed rate cut.

On Thursday, the Nasdaq Composite Index and S&P 500 saw losses of 0.09% and 0.02%, respectively. The Dow advanced by 0.20%.

US BTC-Spot ETF 17-Day Inflow Streak at Risk

Significantly, the US BTC-spot ETF market could see a 17-day inflow streak end on Thursday.

According to Farside Investors,

• Grayscale Bitcoin Trust (GBTC) saw net outflows of $37.6 million on Thursday (June 6). GBTC reported net outflows for the first time in four sessions.
• ARK 21Shares Bitcoin ETF (ARKB) had net outflows of $96.6 million after net inflows of $71.4 million on Wednesday (June 5).
• Bitwise Bitcoin ETF (BITB) saw net outflows of $3.1 million after net inflows of $18.5 million on Wednesday.
• Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $3.1 million, down from $220.6 million of net inflows on Wednesday.
• Excluding flow data for iShares Bitcoin Trust (IBIT) and Valkyrie Bitcoin Fund (BRRR), the US BTC-spot ETF market saw total net outflows of $132.2 million.
• The US BTC-spot ETF market had total net inflows of $488.1 million on Wednesday and $886.6 million on Tuesday (June 4).

Despite the US BTC-spot ETF market enjoying a 17-day inflow streak, BTC continued to fall short of the March 11 all-time high of $73,808. Nevertheless, BTC is up 4.57% for the current week ending June 9.

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas responded to a question about spot ETF inflows and BTC price trends, saying,

“I’ve said it before and I’ll say it again, the call is coming from inside the house holmes. This is not ETFs doing, obv bc they buying like crazy lately, it’s bitcoin holders selling or leveraged flushers or whatever. Time and again ETFs go on flow-a-thons and its met with selling from other holders.”

On Friday, the US Jobs Report could influence buyer appetite for US BTC-spot ETFs and BTC.

Economists forecast nonfarm payrolls to increase by 185k in May after rising by 175k in April. Furthermore, economists expect average hourly earnings to increase by 3.9% year-on-year and the US unemployment rate to remain unchanged at 3.9% in May. In April, average hourly earnings rose by 3.9% year-on-year.

Technical Analysis

Bitcoin Analysis

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

A BTC break above the Tuesday (June 4) high of $71,659 could give the bulls a run at the $73,808 all-time high.

The US Jobs Report, US BTC-spot ETF market flow data, and SEC chatter need consideration.

Conversely, a BTC fall through the $69,000 support level could signal a drop toward the 50-day EMA.

With a 62.72 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, confirming the bullish price trends.

An ETH break above the $3,835 resistance level would support a move to the $4,000 handle. A return to the $4,000 handle could signal a rise to the March high of $4,091.

Investors should consider US ETH-spot ETF-related updates.

Conversely, an ETH drop below the $3,700 handle could give the bears a run at the $3,480 support level and the 50-day EMA. Buying pressure may intensify at the $3,480 resistance level. The 50-day EMA is confluent with the resistance level.

The 14-period Daily RSI reading, 62.24, indicates an ETH move to $4,000 before entering overbought territory.