FXEmpire.com –
Latest Market Insights:
- BTC held steady at $52,181 after a 0.45% increase on Friday.
- Positive trend attributed to increased net inflows in BTC-spot ETF market on February 15.
- Investors eagerly await the final BTC-spot ETF data from the week for further cues.
BTC Bulls Hold Ground at $52,000
On Friday, the price of BTC rose by 0.45%, maintaining a steady climb and closing at $52,181. This marks a significant milestone as BTC held onto the $52,000 handle for the first time since December 3, 2021.
BTC-Spot ETF Market: Net Inflows Surge on February 15
The positive market flow data for the BTC-Spot ETF on Thursday, February 15 contributed to the rally on Friday, February 16.
Net inflows surged from $339.8 million on February 14 to $477.4 million on February 15, as per figures shared by BitMEX Research.
The iShares Bitcoin Trust (IBIT) continued its dominance with net inflows of $330.9 million. Additionally, Bitwise Bitcoin ETF (BITB) and Fidelity Wise Origin Fund (FBTC) saw net inflows of $120.2 million and $97.4 million, respectively. On the other hand, Grayscale Bitcoin Trust (GBTC) experienced net outflows of $174.6 million, marking the largest outflow since February 1.
Early Flow Data for February 16 Sends Positive Signals
Flow data for February 16, shared by BitMEX Research, showed that ARK 21Shares Bitcoin ETF (ARKB) witnessed substantial net inflows of $140 million, the highest since its launch. However, net inflows for BITB declined to $20.9 million, while FBTC saw net inflows of $116.7 million. In order to surpass the $477.4 million net inflows from Thursday, IBIT needs to register another significant influx.
GBTC witnessed net outflows of $150 million, marking the second-highest outflow since February 1. Besides the BTC-Spot ETF market data, investor interest was piqued by SEC activity.
SEC Scrutinizes the Exchange-Traded Fund Market
On Friday, the SEC filed charges against Van Eck Associates for not disclosing an influencer’s involvement in the launch of the VanEck Social Sentiment ETF (NYSE: BUZZ). The press release stated,
“Van Eck Associates Corporation agreed to pay a $1.75 million civil penalty to settle charges that it failed to disclose a social media influencer’s role in the launch of its new exchange-traded fund (ETF).”
While this news was unrelated to the launch of VanEck Bitcoin Trust (HODL), the charges and subsequent settlement underscored the challenges faced by issuers to comply with the Investment Company and Investment Adviser Acts.
Technical Analysis
Bitcoin Analysis
BTC continued to hover comfortably above the 50-day and 200-day EMAs, reaffirming bullish price signals.
A potential breakout from the Thursday high of $52,869 could pave the way for a move towards the $55,000 mark, but market sentiment will be influenced by BTC-spot ETF flows for Friday and SEC activities.
Conversely, a breach below the $51,000 mark might trigger a decline towards the $50,500 support level. The 14-day RSI reading of 80.65 suggests that BTC is currently in overbought territory, potentially leading to intensified selling pressure around the Thursday high of $52,869.
Ethereum Analysis
ETH maintained a strong position above the 50-day and 200-day EMAs, validating bullish price signals.
If ETH surpasses the Thursday high of $2,867, it could open the door for a rally towards the $3,000 level. Investors will also closely monitor any developments related to ETH-spot ETFs.
However, a downward breach of the $2,750 mark could trigger a descent towards the $2,650 support level. With the 14-day RSI at 74.33, indicating an overbought condition for ETH, increased selling pressure is anticipated around the Thursday high of $2,867.
This article was originally posted on FX Empire
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