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- iShares Bitcoin Trust (IBIT) had net inflows of $315.3 million.
- ARK 21Shares Bitcoin ETF (ARKB) saw net inflows of $64.4 million.
- However, Fidelity Wise Origin Bitcoin Fund (FBTC) reported net outflows of $217.7 million.
The US BTC-spot ETF market registered $203.8 million of total net inflows in the week, down from $559.5 million the previous week. Weekly total net inflows were the lowest in the current inflow streak.
Progress toward a US Strategic Bitcoin Reserve (SBR) bolstered institutional investor demand for US-BTC-spot ETFs, cushioning BTC’s downside. This week, the US state of Utah’s House passed an SBR bill. If the Senate passes the bill, other states may follow, potentially paving the way to a US SBR.
A US adoption of the Bitcoin Act could trigger a surge in BTC demand. John Deaton recently stated that BTC could hit $1 million if the US government enacts Senator Lummis’ Bitcoin Act. Senator Lummis introduced the Bitcoin Act in 2024, requiring the government purchases one million BTC over five years, with a mandatory holding period of 2 years.
BTC Price Outlook: Markets Await Catalysts
BTC’s price trends remain hinged on Trump’s foreign policies, the Fed rate path, SBR developments, and US BTC-spot ETF flows.
- Upside Potential: US BTC-spot ETF inflows and progress toward a US SBR could counter Fed policy jitters, driving BTC beyond the record high of $109,312.
- Downside Risks: A lack of progress toward an SBR, BTC-spot ETF outflows, and a hawkish Fed could pull BTC toward $90k.
Dive deeper into the influence of macroeconomic data, US crypto policies, and BTC-spot ETF market flows on price action. Follow our analysis and forecasts here to manage crypto-related risks.
Technical Analysis
Bitcoin Analysis
Following this week’s pullback, BTC sits below the 50-day Exponential Moving Average (EMA) while remaining above the 200-day EMA. The EMAs send bearish near-term but bullish longer-term price signals.
A BTC return to $100K would bring the $105k level into play. If BTC breaks above $105k, the bulls to target the all-time high of $109,312 next.
Conversely, if BTC breaks below $95K, it could signal a fall toward the $90,742 support level.
With a 43.05 14-day Relative Strength Index (RSI) reading, BTC could fall to the $90,742 support level before entering oversold territory (RSI below 30).
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