Today’s Crypto Updates: Focus on BTC-Spot ETF Outflows, Coinbase, and ETH-Spot ETFs

Key Points:

  • Bitcoin (BTC) experienced a 0.93% gain on Tuesday, closing at $39,940.
  • BTC briefly dipped below $39,000 due to BTC-spot ETF-related updates before rebounding.
  • US lawmaker scrutiny, BTC-spot ETF developments, and SEC activity are crucial for investors on Wednesday.

BTC Falls Below $39,000 for the First Time Since December 2:

  • BTC recorded a 0.93% gain on Tuesday but dropped below $39,000, a level not seen since December 2.
  • BTC-spot ETF outflows, particularly a net outflow of $76 million on Monday, contributed to the dip.
  • Grayscale Bitcoin Trust BTC (GBTC) saw its largest single-day outflow at $640.5 million.
  • Ongoing SEC vs Coinbase case and Ethereum (ETH)-spot ETF discussions continue to be focal points for investors.

Ethereum (ETH) Extends Losing Streak:

  • ETH declined by 3.03% on Tuesday, closing at $2,242, breaking below $2,200 for the first time since January 8.
  • Expectations of an ETH-spot ETF approval decline, impacting buyer demand for ETH.
  • SEC Commissioner Hester Peirce’s comments on the approval process for ETH-spot ETFs raised concerns.
  • JPMorgan Chase downgraded Coinbase (COIN) to Underweight, citing BTC-spot ETF market as a headwind.

JPMorgan Chase Downgrades Coinbase:

  • JPM downgraded Coinbase from Neutral to Underweight, maintaining a target price of $80.
  • Concerns about lower trading volumes and fees due to the recent crypto market pullback.
  • Coinbase shares declined by 3.14% on Tuesday, ending at $124.19 after reaching a high of $187.39.

Technical Analysis – Bitcoin and Ethereum:

  • BTC remained below the 50-day EMA but above the 200-day EMA, signaling bearish near-term and bullish longer-term trends.
  • A break above $40,277 would support a move to the 50-day EMA, while a break below $39,861 could lead to a test of the $37,986 support.
  • ETH stayed below the 50-day EMA but above the 200-day EMA, indicating bearish near-term and bullish longer-term trends.
  • An ETH break above $2,255 would target the $2,300 resistance level, while a drop below $2,200 could bring the $2,143 support into play.

Investors should monitor crypto-spot ETF news, US lawmaker scrutiny, and ongoing developments for both BTC and ETH.

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