Good afternoon!
ETF flow
*Top Bitcoin ETFs net inflow today: IBIT 123.01M, FBTC 90.95M, ARKB 43.3, GBTC 25.68M, HODL 1.63M.
*US BTC ETFs see $4.72M outflows, all from BIBT.
Desk Flow:
*The ongoing decline in the leading cryptocurrency might be approaching its end, as Spot Bitcoin ETFs have seen $500 million in inflows this week, with BTC nearing a return to $60,000. Investors are increasingly adopting BTC investment options, suggesting a market recovery may be taking shape.
News:
*Stocks remained close to record highs as traders awaited further insights into the Federal Reserve's outlook following Jerome Powell's two days of Congressional testimony.
*US Treasuries declined after Federal Reserve Chair Jerome Powell informed Washington lawmakers that he needs more proof of decreasing inflation before considering interest-rate cuts this year, aligning with market expectations.
*Lithuania imposed a record fine of €9.3 million ($10.1 million) on the crypto company Payeer for sanctions and money laundering violations related to Russian clients.
Price Action:
*Over the past 24 hours, both Bitcoin and Ethereum have experienced modest price increases, with BTC moving from approximately $57,457 to $57,751 and ETH from around $3066 to $3123. Despite recent bearish trends and prices trading below their 30-day rolling VWAPs, accumulation signals and oversold conditions suggest potential for short-term rebounds, although caution is warranted given the proximity to key support levels and the need for confirmation of bullish reversals.
