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Bitcoin Faces Pressure as Appetite for Spot ETFs Moderates

(Bloomberg) — Bitcoin has peeled back more than 10% from its all-time high as the appetite for fledgling spot Bitcoin exchange-traded funds moderates, putting the cryptocurrency on pace for its worse week since August.

The group of 10 spot Bitcoin ETFs is on track to record its biggest weekly outflow since the products debuted on Jan. 11. Meanwhile, the worldÔÇÖs largest cryptocurrency is set for one of its worst weeks of the year after a roughly 6.5% retreat. The token was down 2.5% to $63,820 on Friday.

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ÔÇ£With BTC approaching 60K off the back of declining ETF flows, liquidations, and speculation of delays in an Ether ETF, the markets are frantically searching for a positive catalyst to support any moves higher,ÔÇØ said Chris Newhouse, DeFi analyst at Cumberland Labs.

Bitcoin ÔÇ£still looks overbought,ÔÇØ JPMorgan Chase and Co. strategists warned, renewing a February call for further declines leading up to AprilÔÇÖs highly-anticipated halving event, which will lower the supply of newly minted Bitcoin from miners.

Sustained open interest in CME Bitcoin futures along with declining ETF flows are significant bearish signals for the price of Bitcoin, the strategists led by Nikolaos Panigirtzoglou wrote in a note Thursday.

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Read more: How Spot Bitcoin ETFs Became Big Win for Wall Street: QuickTake

Last month, the bank predicted that the price of Bitcoin will drift down toward $42,000 after April as ÔÇ£Bitcoin-halving-induced euphoria subsides.ÔÇØ

A net $836 million was pulled from the ETFs from Monday through Thursday, reflecting outflows from the Grayscale Bitcoin Trust and a moderation in subscriptions for rival offerings from the likes of BlackRock Inc. and Fidelity Investments.

The funds have garnered net inflows of $11.3 billion to date, data compiled by Bloomberg show, still one of the most successful debuts for an ETF category. The Grayscale Bitcoin Trust, which was converted into an ETF, has seen $13.6 billion of outflows.

ÔÇ£This past week those inflows have slowed, which could mean that ÔÇö at least for the time being ÔÇö interest in BTC ETFs is plateauing,ÔÇØ said Michael Safai, co-founder at quantitative trading firm Dexterity Capital.

Despite Bitcoin setting a record of almost $73,798 on March 14, enthusiasm among retail traders may be waning, according to Naeem Aslam, chief investment officer at Zaye Capital Markets.

ÔÇ£The fact that the rally didnÔÇÖt really take off from the all-time high like before made many question the strength of the rally,ÔÇØ Aslam said. ÔÇ£The halving is almost here and if this event fails to really keep the momentum going, then it means that we are going to face serious retracement, which means that the price could fall below $50,000.ÔÇØ

–With assistance from Jackie Edwards and David Pan.

(Update with Bitcoin price and ETF flows)

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