According to Farside Investors,
- Grayscale Bitcoin Trust (GBTC) saw net outflows of $34.2 million, down from $53.1 million on Thursday, June 20.
- Fidelity Wise Origin Bitcoin Fund (FBTC) reported net outflows of $44.8 million.
- ARK 21Shares Bitcoin ETF (ARKB) had net outflows of $28.8 million.
- Excluding flow data for iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market saw total net outflows of $105.9 million, compared with outflows of $139.9 million on Thursday.
The US BTC-spot ETF market extended its net outflow streak to six sessions, marking its longest losing streak since May.
Furthermore, the US BTC-spot ETF market logged another day of outflows, with BTC in the red despite another MicroStrategy (MSTR) purchase.
MicroStrategy Purchase Limits the Damage
On Thursday, June 20, MicroStrategy founder and Chairman Michael Saylor announced the purchase of $11,931 BTC on X (formerly Twitter), posting,
“MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes & excess cash for ~$65,883 per #bitcoin. As of 6/20/24, $MSTR hodls 226,331 $BTC acquired for ~$8.33B at average price of $36,798 per bitcoin.“
The announcement came after MicroStrategy completed its $800 million offering of 2.25% convertible senior notes.
Although news about the US BTC-spot ETF market and the latest MicroStrategy acquisition drew interest, the focus shifted to US ETH-spot ETF issuers.
US ETH-Spot ETF Issuers File S-1 Amendments
On Friday, the remaining US ETH-spot ETF issuers filed their S-1 amendments.
BlackRock (BLK) was the last issuer to submit its S-1 amendment, paving the way for a US ETH-spot ETF market in July or sooner.
Bloomberg Intelligence Senior ETF Analyst Eric Balchunas shared the news of the BlackRock filing, saying,
“BlackRock is in.. no fee posted but they did report seeding with $10m (altho I think that may have been known already in prev filing). Anyway that’s basically a wrap. Ball in SEC’s court now.”
BlackRock was not the only issuer to withhold its fee details. Only Franklin (0.19%) and VanEck (0.20%) disclosed their fees.
Bitwise, Fidelity, 21Shares, Grayscale, Franklin, VanEck, iShares, and Invesco await final approvals from the SEC. Issuers could launch their respective ETFs the day after receiving final approval.
The Bloomberg Intelligence ETF team expected ETH-spot ETFs to launch before the July 4 holidays.
Will the US ETH-spot ETF see similar demand to the US BTC-spot ETF market?
Eric Balchunas took a more bearish view, saying,
“I do still think eth will be lucky to get 20% of the aum btc etfs have. We’ll see tho..”
Similar demand to BTC-spot ETFs could see ETH break the $5,000 barrier.
Technical Analysis
Bitcoin Analysis
BTC remained below the 50-day EMA but sat above the 200-day EMA, affirming the bearish near-term trends but bullish longer-term signals.
A BTC move through the 50-day EMA could bring the $69,000 resistance level into play. A 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 chatter and Fed rate cut expectations could influence buyer demand for BTC.
On the other hand, a BTC drop below the $64,000 support level could give the bears a run at the $60,365 support level.
With a 35.34 14-Daily RSI reading, BTC could drop below the $63,000 level before entering oversold territory.