What's Going On With Grayscale And iShares Bitcoin ETFs?
Portfolio Pulse from Erica Kollmann
Grayscale Bitcoin Trust (GBTC) and iShares Bitcoin ETF (IBIT) shares are trading higher as Bitcoin hits all-time highs, with Bitcoin breaking the $72,000 mark. The surge is attributed to strong net inflows into Bitcoin spot ETFs, with nine ETFs now holding over 4% of Bitcoin's total circulating supply. On March 7, net inflows reached $472 million, and the total net asset value of these ETFs surpassed $54 billion. GBTC shares are up 4.8% at $64.86, and IBIT shares are up 5% at $41.53.
March 11, 2024 | 4:52 pm
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POSITIVE IMPACT
Grayscale Bitcoin Trust (GBTC) shares are up 4.8% at $64.86, benefiting from the Bitcoin rally and strong net inflows into Bitcoin spot ETFs.
GBTC's price increase is directly linked to the surge in Bitcoin prices and the strong net inflows into Bitcoin spot ETFs, indicating a high relevance and importance to investors.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
iShares Bitcoin ETF (IBIT) shares are up 5% at $41.53, driven by the all-time high Bitcoin prices and significant net inflows into Bitcoin spot ETFs.
IBIT's performance is closely tied to the Bitcoin market's rally and the substantial net inflows into Bitcoin spot ETFs, making it highly relevant and important for investors.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90