Crypto News Today: BTC-Spot ETF Holdings and the SEC v Coinbase

Key Insights:

• BTC declined by 0.91% on Wednesday, ending the session at $42,791.
• SEC v Coinbase case-related news and BTC-spot ETF data influenced buyer demand.
• On Thursday, investors will focus on BTC-spot ETF-related news and SEC activity.

Bitcoin-Spot ETF Outflows Remaining within the Spot ETF Ecosystem

BTC declined by 0.91% on Wednesday. Partially reversing a 1.56% gain from Tuesday, BTC ended the day at $42,791.

On Wednesday, Bloomberg Intelligence analyst James Seyffart shared the latest updates from the BTC-spot ETF market. Bitwise was the first to report its spot BTF holdings as of January 17, 2024.

Bitwise Bitcoin ETF increased its BTC holdings from 6,712 to 8,309 on Wednesday. Based on the latest figures, the Bitwise Bitcoin ETF ranks third by BTC holdings. The iShares Bitcoin ETF (IBIT) and Fidelity Wise Origin Bitcoin ETF (FBTC) ranked first and second. IBIT and FBTC held 16,362 and 12,112 BTC based on January 16, 2023, numbers.

Despite the BTC outflows from Grayscale BTC, total BTC holdings stood at 639,050 on Tuesday, up from 621,844 on January 10, 2024.

Bitcoin Fear & Greed Index Rises Toward the Extreme Greed Zone

On Thursday, the Bitcoin Fear & Greed Index increased from 60 to 63. Despite the increase, the Index remained in the Greed Zone, a bullish price signal. However, the Index must form a sustained upward trend to influence buyer demand. The Index declined from 64 to 60 on Tuesday.

SEC v Coinbase: The Motion to Dismiss

On Wednesday, a court hearing on the SEC v Coinbase (COIN) case garnered investor interest. The SEC and Coinbase argued about the Coinbase motion to dismiss (MTD). Coinbase filed an MTD in August, arguing the SEC lacks the statutory authority to regulate crypto exchanges.

However, there was no ruling on the MTD. Presiding Judge Failla took the opportunity to question the SEC on its claim against Coinbase.

In June, the SEC filed charges against Coinbase for allegedly operating as an unregistered securities exchange, broker, and clearing agency. Additionally, the SEC charged Coinbase for the unregistered offering and selling of securities in connection with its staking-as-a-service program.

Amicus Curiae attorney John E. Deaton shared his view on the Wednesday court session, saying,

“Paul (Grewal) and Brian Armstong’s Coinbaseteam fought for all of Crypto today, just as Brad Garlinghouse and Stuart Alderoty’s team did last year. But just as in the Ripple case, the amicus briefs played an important role today as well.”

Deaton added,

“We have our differences and we may favor different projects/platforms or tokens, but when we come together as a community, we will be victorious. Once victorious over government overreach and intrusion, we can go back to arguing which technologies are superior.”

Another SEC loss in the US courts could end the SEC’s reign of regulation by enforcement.

Coinbase shares slipped by 0.01% on Wednesday, ending the session at $133.86.

Technical Analysis

Bitcoin Analysis

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

A BTC breakout from the $42,968 resistance level would give the bulls a run at the $44,690 resistance level.

On Thursday, BTC-spot ETF data and SEC activity need monitoring.

However, a break below the 50-day EMA would support a fall toward the $39,861 support level.

The 14-Daily RSI reading, 46.61, indicates a BTC fall to the $40,000 handle level before entering oversold territory.

Ethereum Analysis

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

An ETH return to $2,600 would bring the $2,650 resistance level into play.

ETH-spot ETF-related news remains the focal point.

However, a break below the $2,457 support level would give the bears a run at the 50-day EMA and $2,300 support level. Buying pressure could intensify at the $2,300 support level. The 50-day EMA is confluent with the $2,300 support level.

The 14-period Daily RSI at 58.32 suggests an ETH move to the $2,650 resistance level before entering overbought territory.