Bitcoin ETF
Bitcoin ETFs outflow $706m: BlackRock, WisdomTree buck trend
Published
3 months agoon
By
adminOutflows from U.S. spot Bitcoin ETFs, or exchange-traded funds, surpassed $706 million this week as bears pushed Bitcoin to $53,304 — its lowest level since Aug. 5.
According to data from SoSoValue, the 12 spot Bitcoin ETFs logged $169.97 million in net outflows on Sep. 6, with Grayscale and Fidelity leading the pack.
- Fidelity’s FBTC shed $85.5 million, with the fund experiencing negative flows for the past seven trading days.
- Grayscale’s GBTC added to the exit liquidity, with $52.9 million leaving the fund, bringing total losses to over $20 billion since its inception. Over the past eight days, the fund has lost $279.9 million, continuing its outflow streak since Aug. 27.
- Bitwise’s BITB saw outflows of $14.3 million
- ARK 21Shares’ ARKB, $7.2 million
- Grayscale’s Bitcoin mini trust, $5.5 million
- Valkyrie’s BRRR, $4.6 million
BlackRock, WisdomTree avoid outflows
BlackRock’s IBIT and WisdomTree’s BTCW were the only Bitcoin ETFs that avoided outflows over the past week. However, they recorded no new inflows in the last two days.
This investor hesitancy coincides with Bitcoin’s recent dip. The bellwether crypto was back up to $54,333 at the time of writing after briefly touching $52,690—its lowest point since Aug 5. Yet BTC was down 3% over the past day.
Bitcoin is down 10.4% from its weekly high and 17.5% from its 30-day peak of $64,648, reached on Aug. 26. The turbulence intensified over the past 24 hours as $113.86 million in Bitcoin positions were liquidated, according to Coinglass.
Bitcoin’s price drop came amid growing unease in the crypto market, fueled by what is dubbed the “Redtember” seasonal slump and uncertainty over potential U.S. interest rate cuts. These factors dampened investor confidence and glorified market volatility.
According to data from Alternative, the widely monitored Crypto Fear and Greed Index still stands at 23, its lowest level in over a month. This indicates high investor anxiety and a risk-averse market environment.
Further downside expected
Technical indicators suggest that a death cross could form soon, with the 50-day and 200-day Exponential Moving Averages nearing a crossover. Death crosses are one of the most feared patterns in technical analysis. Bitcoin plummeted more than 67% after forming a death cross in January 2022.
Analysts on social media platform X also maintained a bearish outlook. According to crypto analyst Pushpendra Singh Digital, BTC is stuck in a falling wedge pattern.
He suggests a breakout above the wedge around the $57,800 to $58,000 range could lead to a strong upward move.
However, if BTC drops below the support trendline around $54,000, it could lead to further downsides.
Echoing this cautious sentiment, a 1D BTC/USDT chart shared by Crypto analyst Nika also highlighted Bitcoin’s struggle to climb above the $58,000 level.
If the cryptocurrency fails to clear this resistance zone, it could face a more significant downward path, with potential support levels at $45,000 and $42,000.
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Bitcoin ETF
Bitcoin ETF options coming ‘soon’ following CFTC clearance
Published
5 days agoon
November 17, 2024By
adminThe U.S. Commodity Futures Trading Commission issued an advisory through its Division of Clearing and Risk stating it would no longer have a role in clearing Bitcoin ETF options.
The agency is transferring this responsibility to the Options Clearing Corporation, according to a prepared statement.
“[..] In light of relevant precedents in the courts, it is substantially likely these spot commodity ETF shares would be held to be securities. Therefore, DCR’s position is the listing of these shares on SEC-registered national securities exchanges does not implicate the CFTC’s jurisdiction.”
CFTC staff advisory.
According to the commission, the OCC, which serves as the “sole issuer of all equity options” in the U.S., now holds the final authority to decide whether these options will be listed.
Experts believe the OCC’s approval could be imminent, with ETF analyst Eric Balchunas predicting it will come “very soon.”
Meanwhile, market commentator Andrew said the CFTC’s move came much quicker than expected, as approval was initially anticipated by late Q1 2025, but this decision could speed things up.
Bitwise Invest’s Jeff Park suggested that while he was optimistic about the chances of a year-end approval, he wouldn’t “short the odd.”
The advisory follows the SEC’s approval last month, which cleared applications from the New York Stock Exchange and the Chicago Board Options Exchange to list and trade Bitcoin ETF options.
Options contracts give investors the right, but not the obligation, to buy or sell an underlying asset at a specified price before a set date. The SEC believes options trading could bring “better price efficiency” and “less volatility” to Bitcoin ETFs, helping to stabilize the market while making it more transparent and efficient overall.
Bitcoin advocates view the approval of Bitcoin ETF options as a game-changer, bringing more liquidity to the market. See below.
Earlier this year, Grayscale CEO Michael Sonnenshein advocated for the swift approval of Bitcoin ETF options, saying that these offerings could pull in more players, like broker-dealers, and deepen Bitcoin’s ties with traditional finance.
Crypto influencer Mario Nawfal, in a recent social media post, highlighted the buzz around Bitcoin ETF options, saying institutional investors are “drooling” over the opportunities.
“This is your mainstream finance world, now featuring Bitcoin,” he wrote.
Bitcoin reacted positively to the development, breaking past the $91,000 resistance level it struggled with over the past two days. At press time, the flagship cryptocurrency was trading at $91,293, up 2.4%.
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Bitcoin
Ether (ETH) ETF Inflows Hit Record, Bitcoin ETF Inflows Soar as BTC Price Eyes $90K
Published
1 week agoon
November 12, 2024By
admin“Assets in the US spot bitcoin ETFs are now up to $84b, which is 2/3 of the way to what gold ETFs have, all the sudden there’s a decent shot they surpass gold before their first birthday (we predicted it would take 3-4yrs),” Eric Balchunas, a senior analyst at Bloomberg, said in a post on X.
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Bitcoin
Bitcoin (BTC) ETFs See Record $1.3B Inflows on Trump Win, Fed Rate Cuts
Published
2 weeks agoon
November 8, 2024By
adminBTC trades above $76,000 in Asian morning hours Friday, up nearly 10% over the past week. In line with analyst expectations, the Federal Reserve cut rates by 25 basis points on Thursday in a move that typically supports risk assets like bitcoin by increasing liquidity and weakening the dollar.
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