Bitcoin and Crypto ETFs See Mixed Flows
Bitcoin (BTC) is trading above $87,000 on Thursday. This comes as spot Exchange-Traded Funds (ETFs) for Bitcoin see renewed inflows. The cryptocurrency market remains volatile, with Bitcoin rising above $90,000 before falling to $85,314 on Wednesday.
Ethereum (ETH) holds steady above $2,800 but faces continued outflows from ETFs. In contrast, Ripple (XRP) struggles to stay above $1.82, despite steady ETF inflows. XRP needs to close above $2.00 to confirm a bullish trend. Otherwise, it could fall to April lows near $1.61.
ETF Inflows and Outflows Data
- Bitcoin spot ETFs in the US gained about $457 million on Wednesday.
- Cumulative net inflows into Bitcoin ETFs stand at $57.73 billion, with $112.57 billion in net assets.
- XRP spot ETFs, launched on November 13, received $19 million on Wednesday.
- Total net inflows into XRP ETFs now reach $1.03 billion, with $1.14 billion in assets.
- Ethereum saw $22 million withdrawn from ETFs on Wednesday, marking five days of outflows.
These flows show strong institutional interest in Bitcoin and XRP ETFs. Ethereum investors remain cautious with continued withdrawals.
Price Trends and Technical Signals
Bitcoin struggles to hold above $87,000 after bouncing from $85,314. The MACD indicator could soon signal a sell, as the blue line may cross below the red line on the daily chart. Bitcoin trades below key moving averages: the 50-day EMA at $94,515, the 100-day EMA at $100,145, and the 200-day EMA at $102,544. All these averages trend downward, indicating bearish pressure.
For Bitcoin to recover, it needs to close above a descending trendline and break past the 50-day EMA. The RSI is at 40, showing slight buying interest. If the RSI rises above 50, Bitcoin could target $100,000.
Ethereum remains above $2,800 but faces bearish signals. The MACD gave a sell signal on Wednesday. The RSI holds at 38, still in bearish territory. Ethereum must close above $3,000 to improve its outlook, but it is below the 50-day ($3,230), 100-day ($3,438), and 200-day ($3,422) EMAs.
XRP holds support near $1.82 but the MACD shows a sell signal since Tuesday. The RSI at 35 suggests possible consolidation before a rebound. XRP needs a close above the 50-day EMA at $2.17 and to break a descending trendline to spark a recovery above $2.50.
