Key Takeaways
- • Bitcoin spot ETFs recorded $95 million in outflows on Tuesday, extending a bearish streak to four consecutive days, with total outflows of $296 million for the week through Tuesday, according to FXStreet.
- • Ethereum spot ETFs posted mild outflows of $1.32 million on Tuesday, with cumulative inflows of $11.74 billion and net assets under management averaging $11.64 billion per SoSoValue data.
- • XRP spot ETFs saw outflows of nearly $8 million on Tuesday, their second consecutive day of outflows, with cumulative outflows of $1.8 billion and net assets of $1.19 billion.
- • Bitcoin trades near $74,000, Ethereum above $2,000 and XRP just above $1.00, all sitting below their 50-, 100- and 200-day exponential moving averages.
- • The Fear & Greed Index fell to 29 (Fear), while markets weigh US inflation pressure and a rising probability of a Federal Reserve rate hike in December per CME FedWatch.
Summary
Cryptocurrency prices consolidated near key lower support levels on Wednesday, with Bitcoin hovering around $74,000, Ethereum above $2,000 and Ripple's XRP holding just above $1.00, according to FXStreet. Analysts described the path of least resistance as largely downward for the major tokens.
Spot exchange-traded fund flows remained a drag on sentiment. Bitcoin spot ETFs recorded $95 million in outflows on Tuesday, extending the bearish streak to four consecutive days and bringing total outflows for the week through Tuesday to $296 million. Ethereum spot ETFs saw mild outflows of $1.32 million on Tuesday, leaving cumulative inflows at $11.74 billion; net assets under management averaged $11.64 billion, per SoSoValue data. XRP spot ETFs posted nearly $8 million in outflows on Tuesday, the second straight day of withdrawals, with cumulative outflows at $1.8 billion and net assets of $1.19 billion.
Broader macro conditions are weighing on risk appetite. The Fear & Greed Index stood at 29, in Fear territory, down from 32 the previous day. FXStreet cited US inflation pressure and CME Group's FedWatch Tool, which shows a higher probability of a Federal Reserve rate hike in December.
Technically, Bitcoin trades at $74,061 below its 50-, 100- and 200-day exponential moving averages. The 200-day EMA at $76,412 is the first barrier overhead, followed by the 100-day EMA at $77,487 and the 50-day EMA near $78,906. The RSI sits near 35 and the MACD is below zero. Ethereum at $2,065 faces resistance from its 200-day EMA at $2,301 and 100-day EMA at $2,327, with initial resistance near $2,234. Its RSI is near 31. XRP at $1.06 sits under EMAs clustered between $1.28 and $1.35, with the SuperTrend at $1.22 and an RSI of 24 indicating oversold conditions. FXStreet noted that none of the three assets shows clear indicator-based support on the daily chart, and that a daily close back above the 200-day EMA for Bitcoin and above roughly $1.22-$1.30 for XRP would be needed to signal stabilization.
Spot exchange-traded fund flows remained a drag on sentiment. Bitcoin spot ETFs recorded $95 million in outflows on Tuesday, extending the bearish streak to four consecutive days and bringing total outflows for the week through Tuesday to $296 million. Ethereum spot ETFs saw mild outflows of $1.32 million on Tuesday, leaving cumulative inflows at $11.74 billion; net assets under management averaged $11.64 billion, per SoSoValue data. XRP spot ETFs posted nearly $8 million in outflows on Tuesday, the second straight day of withdrawals, with cumulative outflows at $1.8 billion and net assets of $1.19 billion.
Broader macro conditions are weighing on risk appetite. The Fear & Greed Index stood at 29, in Fear territory, down from 32 the previous day. FXStreet cited US inflation pressure and CME Group's FedWatch Tool, which shows a higher probability of a Federal Reserve rate hike in December.
Technically, Bitcoin trades at $74,061 below its 50-, 100- and 200-day exponential moving averages. The 200-day EMA at $76,412 is the first barrier overhead, followed by the 100-day EMA at $77,487 and the 50-day EMA near $78,906. The RSI sits near 35 and the MACD is below zero. Ethereum at $2,065 faces resistance from its 200-day EMA at $2,301 and 100-day EMA at $2,327, with initial resistance near $2,234. Its RSI is near 31. XRP at $1.06 sits under EMAs clustered between $1.28 and $1.35, with the SuperTrend at $1.22 and an RSI of 24 indicating oversold conditions. FXStreet noted that none of the three assets shows clear indicator-based support on the daily chart, and that a daily close back above the 200-day EMA for Bitcoin and above roughly $1.22-$1.30 for XRP would be needed to signal stabilization.
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