Spot Bitcoin ETFs continue to rebound, with a slight net inflow recorded on Thursday.
What Happened: Bitcoin BTC/USD is trading flat this morning, up 0.6% at $58,280 but down 4.6% over the past 30 days.
Ethereum ETH/USD is up 0.9% at $2,368 but down 13% in the last month, underperforming compared to Bitcoin.
Despite this, Bitcoin spot ETFs recorded a net inflow of $39.02 million on Sep. 12. Ark & 21Shares ARKB led the charge with an $18.34 million inflow. Fidelity's FBTC posted an $11.47 million inflow. In contrast, Grayscale's GBTC saw a $6.51 million outflow, according to data from SoSo Value.
Ethereum spot ETFs, meanwhile, posted a significant net outflow of $20.14 million, entirely driven by Grayscale's ETHE, which now totals a historical net outflow of $2.71 billion, data shows.
Marcin Kaźmierczak, COO and Co-founder of RedStone Oracles, pointed to the consolidation of Bitcoin and Ethereum prices, hovering around $58,000 and $2,350, respectively.
He noted the market's sensitivity to macroeconomic data, including U.S. PPI inflation and Federal Reserve interest rate decisions.
“Surprisingly, crypto wasn't discussed during the recent presidential debate, but with significant votes at stake, both candidates may soon clarify their stance on crypto regulation,” Kaźmierczak he told Benzinga.
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He added that the market is likely to remain in a sideways trend until the election, with potential price action unfolding afterward.
In a note sent to Benzinga, Illia Otychenko, Lead Analyst at CEX.IO, observed that mixed U.S. economic data has contributed to Bitcoin’s recent dip.
“The MACD suggests a short-term bearish movement, but the daily MACD hints at a possible bullish correction,” Otychenko outlined.
He also noted that Bitcoin's price is nearing critical support or resistance levels as revealed by Ichimoku Cloud analysis, signaling that a potential shift could be on the horizon.
What’s Next: As the market braces for political and economic developments, these dynamics will be a central topic at Benzinga's Future of Digital Assets event on Nov. 19, where experts will discuss the future of cryptocurrencies and their place in the global financial ecosystem.
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