Bitcoin ETF Inflows Continue Ahead of US GDP Data, What’s Next for BTC Price?
On Wednesday, June 26, Bitcoin ETF flows were positive, totaling over $21 million. This foray was led by Fidelity, while BlackRock remained stagnant. Additionally, Grayscale’s GBTC attracted attention with its positive flow following its debut series. These inflows come at a critical juncture for Bitcoin (BTC) and the crypto market, as US GDP growth data is set to be released on Thursday, June 27.
Latest Bitcoin ETF Login Data
Fidelity FBTC ETF’s new investments amounted to $18.6 million. Grayscale’s GBTC, on the other hand, saw a surprising $4.3 million inflow following a recent series of significant outflows. However, BlackRock Bitcoin ETF (IBIT) remained stable with zero flows.
The trend was also mirrored by Bitwise’s BITB, Invesco Galaxy’s BTCO, Franklin Templeton’s EZBC, and Valkyrie’s BRRR ETF, which recorded zero inflows, while VanEck’s HODL recorded $3.4 million in inflows.
On the other hand, it was stated that Ark had a single exit of 4.9 million dollars. Earlier on Tuesday, 10 Bitcoin ETFs witnessed net inflows of $31 million, reversing the outflow trend recorded last week. Additionally, the recent influx solidifies the resurgence of investor interest in these funds.
Meanwhile, the Bitcoin price is fluctuating between $61,000 and $62,000, a narrow range that is indicative of market indecision. The release of US GDP growth rate data today could potentially impact the market.
In addition, Friday, June 28, marks an important date for the settlement of three-month futures and options agreements. These events are historically known for their volatility in the market. Investors are also preparing for the Personal Consumption Expenditures (PCE) index, the Federal Reserve’s preferred inflation data; This index coincides with a significant $6.72 billion option expiration.
The maximum squeeze point for these Bitcoin options is $57,000, triggering crash concerns. More than 104,000 options will expire on Friday with a Put Call Ratio of 0.52. While most bettors are bullish on Bitcoin price, the maximum pain point paints a different picture.
Also Read: Ethereum ETF Will Attract Only 15% of US Spot Bitcoin ETF Flow: 10X Research
State BTC Sales
Amidst this market volatility, the German government liquidated Bitcoin holdings, transferring 595 BTC to major cryptocurrency exchanges. This action is part of a larger sales strategy in which more than 2,000 BTC were sold from the German government-affiliated address in recent days. Moreover, the persistent nature of these sales suggests that German authorities may not have been able to complete their liquidation efforts.
Following Germany’s lead, the US government moved 4,000 BTC worth $241 million to Coinbase Prime on June 26. Additionally, this transfer put downward pressure on the Bitcoin price, dropping 1.5% to just under $61,000.
However, despite these sales, CryptoQuant CEO Ki Young Ju emphasized that such government sales are not the main reason for the price drop. According to Ju, Coinbase Prime can manage significant liquidity between 20,000 and 49,000 BTC during periods of high Spot Bitcoin ETF inflows. It holds between 6,000 and 15,000 BTC during low inflow periods.
Also Read: Breaking News: German Government Moves 595 More BTC to Crypto Exchanges
What’s Next for BTC Price?
Bitcoin’s current price is hovering just above the critical $60,000 support level, which has been tested five times since March 2024. Additionally, the oldest cryptocurrency is trading below the 50-day simple moving average (SMA) but above the 200-day SMA. The tug of war between bullish and bearish trends.
Currently, Bitcoin’s Relative Strength Index (RSI) stands at 33, slightly above the oversold threshold of 30, which analysts believe could lead to a recovery. However, BTC price is currently trading below the moving average, indicating possible further declines.
Bitcoin price has consolidated in a wide range over the last four months, with the upper limit at $73,500 and the lower limit at $60,000. For the bulls to regain control, they need to push the price above $65,000, which may face resistance near $72,000.
On the other hand, a break below $60,000 could trigger panic selling. It could potentially drop the price to the $50,000 to $52,000 support zone. Additionally, the release of US GDP growth rate data is an important event that can affect market sentiment.
Strong GDP growth generally indicates a strong economy, which can increase investors’ confidence in riskier assets like Bitcoin. On the other hand, weak GDP growth could fuel economic uncertainty, causing investors to seek safer havens such as gold and potentially causing the price of Bitcoin to decline.
Also Read: Bitcoin Price Drops as US Government Moves 4,000 BTC to Coinbase Prime
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