Bitcoin holds near $73,500 as spot ETF outflows run to a fifth day

Outflows continue

Spot Bitcoin ETFs in the U.S. lost about $300 million on Wednesday, according to SoSoValue data cited by FXStreet. That made it a fifth straight day of net withdrawals. Cumulative inflows into the funds have slipped to $55.1 billion, and net assets under management average $93.7 billion.

Ethereum spot ETFs recorded $145 million in outflows on Wednesday, against $1.3 million a day earlier, also a fifth consecutive day of withdrawals, per the same data. Their cumulative inflows now stand at $11.6 billion, with net assets of $11.7 billion.

XRP spot ETFs were quiet on Wednesday after two days of outflows: $7.6 million on Tuesday and $10.4 million on Monday. Cumulative inflows average $1.8 billion, with net assets of $1.2 billion.

Where prices stand

Bitcoin traded at $73,561 on Thursday, below its 50-, 100- and 200-day exponential moving averages, which FXStreet puts at $78,695, $77,411 and $76,736. Its 14-day Relative Strength Index, a momentum gauge, was 34, just above the level usually read as oversold. Ethereum traded at $2,047 with an RSI near 29; XRP traded at $1.04.

FXStreet linked the weak demand to macroeconomic uncertainty and risk aversion following a hack of Binance that it says affected about $6.3 billion. The Crypto Fear and Greed Index stood at 28 on Thursday, in fear territory and down from 29 a day earlier.

What traders are watching

K33 Research wrote in its 'Ahead of the Curve' report on Tuesday that volumes remain below the levels seen in earlier price expansions, which it said suggests limited buying interest while Bitcoin trades near two-month lows.

The technical levels FXStreet lists above the spot price run from the 200-day average near $76,736 through the 100- and 50-day averages to a SuperTrend line at $80,128 on Bitcoin. For Ethereum it names a band between $2,240 and $2,296 as the first zone the price would need to recover. It also notes that ETH has no clearly defined structural support on the daily chart.

Whether the ETF outflows stop is the open question. The data covers flows through Wednesday; the Thursday figures were not yet reported in the source.