- On Tuesday, Grayscale Bitcoin Trust (GBTC) reported net outflows of $56.9 million.
- Fidelity Wise Origin Bitcoin Fund (FBTC) saw net outflows of $18.0 million.
- ARK 21Shares Bitcoin ETF (ARKB) had net outflows of $6.8 million.
- Bitwise Bitcoin ETF (BITB) saw net outflows of $5.8 million.
However, iShares Bitcoin Trust (IBIT) and Franklin Bitcoin ETF (EZBC) reported total net inflows of $2.7 million and $3.4 million, respectively.
Softer US inflation data failed to drive buyer demand for BTC and BTC-spot ETFs. On Wednesday, the Nasdaq Composite Index consolidated its gains from Tuesday (2.43%) on rising expectations of multiple 2024 Fed rate cuts.
Expert Views on Crypto-Spot ETFs and US Politics
ETF Store President Nate Geraci shared comments from leading ETF attorney Jeremy Senderowicz, saying,
“Says approval of ETF share class structure could hinge on upcoming election (something obviously discussed re: solana ETF, etc as well).”
Senderowicz stated,
“If the Republicans win the election, there is a good chance these applications will be approved in one form or another, and if the Democrats win the election, there is a good chance they won’t be. An SEC controlled by Republican appointees likely would be much friendlier to innovation – including approving these applications.”
According to the latest FiveThirtyEight US presidential election polls, Kamala Harris leads Trump by 5 points.
The election polls may influence BTC price trends, with a Kamala Harris lead being BTC-price negative.
US Economic Calendar
US initial jobless claims and retail sales could influence market risk sentiment. An unexpected spike in jobless claims and a slide in retail sales could fuel fears of a US economic hard landing. Deteriorating labor market conditions may affect wages, consumer confidence, and spending. Private consumption contributes over 60% to GDP.
BTC Price Trends
Better-than-expected jobless claims and retail sales figures could push BTC toward $65,000. Conversely, weak numbers may retrigger fears of a US recession, dragging BTC toward $55,000.
Technical Analysis
Bitcoin Analysis
BTC sat below the 50-day and 200-day EMAs, sending bearish price signals.
A break above the 200-day EMA would support a move to the $60,365 resistance level. Furthermore, a breakout from the $60,365 resistance level could give the bulls a run at the 50-day EMA.
US economic data, Mt. Gox and US government supply news, and US BTC-spot ETF market flow trends need consideration on Thursday.
On the other hand, a break below $57,500 could signal a drop to $55,000. A fall through $55,000 could bring the $52,884 support level into play.
With a 43.24 14-Daily RSI reading, BTC could fall the $55,000 handle before entering oversold territory.
