On Wednesday, June 26, Bitcoin ETF flows were positive, totaling over $21 million. This influx was led by Fidelity<\/a> while BlackRock remained stagnant. Moreover, Grayscale\u2019s GBTC grabbed the eyeballs with its positive flows after an outflow streak. These inflows come at a critical juncture for Bitcoin (BTC) and the crypto market as the U.S. GDP growth data is set to release on Thursday, June 27.<\/p>\n The Fidelity FBTC ETF clocked $18.6 million in new investments. Whilst, Grayscale\u2019s GBTC, after a recent streak of significant outflows, surprisingly saw an inflow of $4.3 million. However, the BlackRock<\/a> Bitcoin ETF (IBIT) remained stable with zero flows.<\/p>\n <\/p>\n The trend was mirrored by Bitwise\u2019s BITB, Invesco Galaxy\u2019s BTCO, Franklin Templeton\u2019s EZBC, and Valkyrie\u2019s BRRR ETF, which also recorded zero flows. Moreover, VanEck\u2019s HODL registered $3.4 million in inflows.<\/p>\n On the flip said, Ark experienced the only outflows amounting to $4.9 million. Earlier, on Tuesday, the 10 Bitcoin ETFs witnessed a net inflow of $31 million, reversing the outflow trend recorded last week. Furthermore, the recent influx solidifies resurgence of investor interest in these funds.<\/p>\n Meanwhile, tbe Bitcoin price has been fluctuating between $61,000 and $62,000, a narrow range indicative of market indecision. The upcoming release of US GDP growth rate data today could potentially influence the market.<\/p>\n <\/p>\n Additionally, Friday, June 28, marks an important date as quarterly futures and options settlements take place. These events are historically known for their market volatility. Moreover, investors are also bracing for the Federal Reserve\u2019s preferred inflation data, the Personal Consumption Expenditures (PCE) index, which coincides with a significant $6.72 billion options expiry.<\/p>\n The max pain point for these Bitcoin options is $57,000, triggering concerns of a crash. More than 104K options will expire on Friday with a Put Call Ratio of 0.52. While most betters are bullish on Bitcoin price, the max pain point paints a different picture.<\/p>\n Also Read:\u00a0Ethereum ETF To Attract Only 15% Of US Spot Bitcoin ETF Influx: 10X Research<\/a><\/strong><\/p>\n Amid these market volatility, the German government has been liquidating its Bitcoin holdings, transferring another 595 BTC to major cryptocurrency exchanges. This action is part of a larger sell-off strategy, with over 2,000 BTC sold from the German government-associated address in recent days. Moreover, the persistent nature of these sales suggests that the German authorities may not have concluded their liquidation efforts.<\/p>\n <\/p>\n Following Germany\u2019s lead, the U.S. government moved a whopping 4,000 BTC worth $241 million to Coinbase Prime on June 26. Furthermore, this transfer exerted downward pressure on Bitcoin\u2019s price, causing a 1.5% drop to just below $61,000.<\/p>\n However, despite these sales, CryptoQuant CEO Ki Young Ju emphasized that such governmental sell-offs are not the primary drivers of the price dip. According to Ju, Coinbase Prime can handle substantial liquidity, managing between 20,000 and 49,000 BTC during periods of high Spot Bitcoin ETF inflows. Whilst, it maintains between 6,000 to 15,000 BTC during lower inflow periods.<\/p>\n Also Read:\u00a0Breaking: German Govt Moves Another 595 BTC to Crypto Exchanges<\/a><\/strong><\/p>\n Bitcoin\u2019s current price hovers just above the critical $60,000 support level, which has been tested over five times since March 2024. Moreover, the oldest crypto is trading below the 50-day simple moving average (SMA) but above the 200-day SMA, signaling a tug-of-war between bullish and bearish sentiments.<\/p>\n Currently, the Relative Strength Index (RSI) for Bitcoin stands at 33, slightly above the oversold threshold of 30, which analysts believe could drive a recovery. However, the BTC price<\/a> is currently trading below its moving average, suggesting potential further downside.<\/p>\n <\/p>\n The Bitcoin price has been consolidating within a broad range, with an upper boundary at $73,500 and a lower boundary at $60,000, over the past four months. For bulls to regain control, they need to push the price above $65,000, which may face resistance around $72,000.<\/p>\n On the other hand, a break below $60,000 could trigger panic selling. It could potentially driving the price down to the $50,000 to $52,000 support zone. In addition, the release of US GDP growth rate data is a significant event that could sway market sentiment.<\/p>\n Strong GDP growth typically indicates a strong economy, which can boost investor confidence in riskier assets like Bitcoin. On the flip side, weak GDP growth might fuel economic uncertainty, leading investors to seek safer havens like gold and potentially causing Bitcoin price to drop.<\/p>\n Also Read:\u00a0Bitcoin Price Slides As US Government Moves 4,000 BTC To Coinbase Prime<\/a><\/strong><\/p>\n <\/p>\n <!– <\/p>\n –><\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\nLatest Bitcoin ETF Inflow Data<\/h2>\n
Government BTC Selloffs<\/h2>\n
What\u2019s Next For BTC Price?<\/h2>\n
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