Bitcoin (BTC) News Today: Bitcoin Halving Fuels BTC-Spot ETF Inflows

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BTC-Spot ETF Market Sees Net Inflows on Friday, April 19

BTC advanced by 0.54% on Friday (April 19). Following a 3.63% rally on Thursday (April 18), BTC ended the session at $63,920.

News of Israel responding to the Iran attack impacted buyer demand for riskier assets. BTC slid to a Friday session low of $59,691 before reversing the losses. Investors reacted to Iran downplaying the attack, easing fears of a further escalation in the Middle East conflict.

BTC-spot ETF market flow data for Thursday (April 18) contributed to the early losses. According to Farside Investors numbers for Thursday (April 18), the BTC-spot ETF market saw net outflows of $4.3 million. Significantly, the BTC-spot ETF market saw net outflows for the fifth successive session.

  • Grayscale Bitcoin Trust (GBTC) saw net outflows of $90 million ($133.1 million on April 17).
  • iShares Bitcoin Trust (IBIT) saw net inflows of $18.8 million ($18.1 million on April 17).
  • Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $37.4 million (April 17: zero net inflows).

BTC-spot ETF market flow data was positive for the Friday (April 19) session. Based on preliminary figures from Farside Investors, the BTC-spot ETF market saw total net inflows of $59.7 million on Friday (April 19). Significantly, the BTC-spot ETF market recorded net inflows for the first time in six sessions.

  • GBTC saw net outflows of $45.8 million, down from $90.0 million.
  • FBTC saw net inflows of $54.8 million.
  • IBIT recorded net inflows of $29.3 million.
  • Bitwise Bitcoin ETF (BITB), ARK 21Shares Bitcoin ETF (ARKB), Invesco Galaxy Bitcoin ETF (BTCO), and Franklin Bitcoin ETF (EZBC) also saw net inflows totaling $23.2 million.
  • VanEck Bitcoin Trust (HODL) saw net outflows of $1.8 million.

The net inflows coincided with the Bitcoin Halving.

Bitcoin and the Halving Event

The Bitcoin Halving occurred on Saturday (April 20, UTC) at block height 840,000. As a result, the blockchain subsidy fell to 3.125 BTC.

The Bitcoin Halving Countdown Clock unwound to zero, with the next Halving in 2028.

Bitcoin Halving Countdown 20/04/24

Technical Analysis

Bitcoin Analysis

BTC hovered below the 50-day EMA while remaining above the 200-day EMA. The EMAs confirmed the bearish near-term but bullish longer-term price trends.

A BTC break above the 50-day EMA would give the bulls a run at the $69,000 resistance level.

On Saturday, the Bitcoin Halving, BTC-spot ETF flow data, and the Middle East need consideration.

Conversely, a BTC drop below the $64,000 support level would bring the $60,365 support level into play.

With a 14-Daily RSI reading of 44.87, BTC could fall to the $58,000 handle before entering oversold territory.

BTCUSD Daily Chart 200424

Ethereum Analysis

ETH remained below the 50-day EMA while hovering above the 200-day EMA. The EMAs affirmed the bearish near-term but bullish longer-term price signals.

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

Conversely, an ETH break below the $3,033 support level could give the bears a run at the $2,800 handle.

The 14-period Daily RSI reading of 40.38 indicates an ETH fall to the $2,800 handle before entering oversold territory.

ETHUSD Daily Chart 200424

This article was originally posted on FX Empire

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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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