Crypto Daybook Americas: Bitcoin ETFs Attract $275M as Market Eyes Fed Decisions
A comprehensive overview of today's crypto market movements, highlighting significant investments in Bitcoin ETFs ahead of the Federal Reserve's upcoming decisions.
What to Know
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Market Overview
Bitcoin (BTC) has held around its 200-day average of $84,000 following the exit of a large positional trader from their short BTC holdings. Growing optimism is evident in the market, particularly driven by smaller coins such as CAKE, TKX, OKB, and ATOM.
The SUI token’s recent 6% growth, driven by Institutional interest as evidenced by proposals for ETF filings with the SEC, is something to be noted. While some analysts believe the Bitcoin bull run has ended, others point to signs that selling pressure related to ETFs is dissipating.
On Monday, U.S. spot Bitcoin ETFs saw an influx of $275 million, marking the first consecutive day since February 7 that saw fund inflows, building on a $41 million surge from the previous Friday.
Quote from Analyst:
“This data reinforces the narrative that ETF-driven selling pressure is exhausting… If this trend continues, we could see inflows gradually build momentum, further supporting bitcoin’s price,” - Valentin Fournier, Analyst, BRN.
What’s Coming Next
The Federal Reserve’s rate decision on Wednesday is expected to stir volatility; a dovish statement may encourage riskier market appetites.
Forecast Highlights:
Post-FOMC, Bitcoin is expected to trade between $80,000 - $86,000 with an 80% confidence interval. Ethereum’s range is projected to be $1,800 - $2,100 within the same confidence level, according to Ryan Lee from Bitget Research.
In traditional markets, European stocks have shown slight gains as the German parliament readies for a significant reform vote. Gold remains stable above $3,000 per ounce, suggesting a preference for it over treasury notes in the current economic environment.
Forecast Events:
- March 18 - Canadian inflation data release expected.
- March 19 - U.S. Federal Reserve announces its interest rate decision.
Keep an eye on market trends and upcoming events as they will shape investment strategies.
Disclaimer:
This overview is derived from various market reports and analyst insights pertaining to the cryptocurrency landscape.
