Bitcoin (BTC) News Today: $70,000 in View as Spot ETF Market Eyes Five Day Streak -

US BTC-Spot ETF Market Flow Data Drives Buyer Demand for BTC

On Friday (May 17), Bitcoin (BTC) advanced by 2.81%. Reversing a 1.47% loss from Thursday (May 16), BTC ended the session at $67,030. Significantly, BTC held onto the $67,000 handle for the first time since April 12.

There were no US economic indicators to spook investors, leaving rising investor bets on a September Fed rate cut to drive buyer demand for BTC.

The US BTC-spot ETF market saw total net inflows of $257.3 million on Thursday (May 16), down from $303.0 million on Wednesday (May 15).

On Friday (May 17), the US BTC-spot ETF market likely extended its net inflow streak to five sessions. According to Farside Investors,

  • Grayscale Bitcoin Trust (GBTC) saw net inflows of $31.6 million on Friday (May 17), up from $4.6 million on Thursday (May 16).
  • Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $99.4 million, up from $67.1 million on Thursday (May 16).
  • Bitwise Bitcoin ETF (BITB) reported net inflows of $20.8 million.
  • Excluding iShares Bitcoin Trust flow data, the US BTC-spot ETF market saw total net inflows of $183.4 million on Friday (May 17). The US BTC-spot ETF market could extend its net inflow streak to five sessions.

While the US BTC-spot ETF market looked set for five days of net inflows, ETH-spot ETF market chatter garnered investor interest.

ETH-spot ETF Deadlines Loom Large

ETF Store President Nate Geraci quoted comments from a Coinbase (COIN) analyst, saying,

“Interesting comments from Coinbase Analyst David Han re: spot eth ETFs…”

Coinbase Analyst David Han reportedly said,

“We think the market may be underestimating the timing and odds of a potential approval. We believe the odds of (a May) approval are closer to 30-40%.”

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas had this to say,

“Same thing happened couple days bf spot btc approval, ppl came out last min and said “it’s going to be denied” bc why not? it’s like a way out of the money call option to give themselves notoriety if off chance it happens. No harm if they wrong. Risk-free PR move. This is same deal.”

The deadlines for the SEC to approve or disapprove the applications for three ETH-spot ETF issuers are fast approaching. VanEck Ethereum ETF and ARK 21Shares Ethereum ETF have deadlines of May 23 and May 24, respectively. Hashdex Nasdaq Ethereum ETF has a May 30 deadline. Grayscale recently withdrew its application for the Grayscale Ethereum Futures Trust.

Doubts about the SEC approving the first wave of ETH-spot ETF applications led to an ETH retreat from the $4,000 handle to sub-$3,000 before steadying.

Technical Analysis

Bitcoin Analysis

BTC remained comfortably above the 50-day and 200-day EMAs, confirming the bullish price trends.

A BTC breakout from the $67,500 handle could support a move to the $69,000 resistance level. A BTC break above the $69,000 resistance level could give the bulls a run at the $73,808 all-time high.

US BTC-spot ETF market flow data, SEC activity, and investor sentiment toward a September Fed rate cut need consideration.

Conversely, a BTC break below the $64,000 support level and the 50-day EMA could give the bears a run at the $60,365 support level.

With a 58.35 14-Daily RSI reading, BTC could return to the $70,000 handle before entering overbought territory.

BTCUSD Daily Chart 180524

Ethereum Analysis

ETH remained below the 50-day EMA while holding above the 200-day EMA. The EMAs confirmed the bearish near-term but bullish longer-term price trends.

An ETH break above the 50-day EMA would support a move toward the $3,244 resistance level. A breakout from the $3,244 resistance level would bring the $3,480 resistance level into play.

Conversely, an ETH drop below the $3,033 support level could give the bears a run at the 200-day EMA.

The 14-period Daily RSI reading of 52.95 indicates an ETH break above the $3,480 resistance level before entering overbought territory.

ETHUSD Daily Chart 180524

This article was originally posted on FX Empire


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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