Bitcoin, Ethereum, Dogecoin Trade Mixed As Spot ETF Flows Turn Negative For First Time Since Launch: Analyst Predicts Over 600 Days Of Bullish Momentum In Store For King Crypto
Portfolio Pulse from Mehab Qureshi
Spot Bitcoin ETFs, including BlackRock's IBIT and Fidelity's FBTC, experienced their first combined negative flows since launching on January 11, with a net outflow of $158 million. GBTC saw a decrease in Bitcoin holdings, while IBIT and FBTC's inflows have slowed. The global cryptocurrency market cap increased by 0.48%, and the S&P 500 and Nasdaq also saw gains. Analysts predict a long-term bullish trend for Bitcoin, with potential for over 600 days of upward momentum.
January 26, 2024 | 3:30 am
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NEGATIVE IMPACT
Fidelity's FBTC also saw a decrease in inflows and is part of the ETF group with a net outflow, potentially impacting its short-term performance.
The reported outflows and slowed inflows could lead to a negative short-term impact on FBTC as investor sentiment appears to be cautious.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Grayscale's GBTC experienced negative flows, with a decrease in total Bitcoin holdings, which may affect its stock price in the short term.
As GBTC is the only fund among the ten to experience negative flows over the week, this could indicate a bearish outlook from investors, potentially leading to a decrease in its stock price.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
BlackRock's IBIT experienced a slowdown in inflows and is part of the group that saw a net outflow of $158 million, indicating potential short-term selling pressure.
The negative flows suggest a decrease in investor interest or a potential rebalancing of portfolios, which could lead to short-term selling pressure on IBIT.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80