Bitcoin Spot ETFs Hit Speed Bump As Grayscale Outflows Reach $302M In A Day, But 2 Firms Enjoy Inflows
Portfolio Pulse from Murtuza Merchant
Bitcoin spot ETFs experienced a net outflow of $85.84 million on April 1, with Grayscale's GBTC seeing a $302 million outflow, while BlackRock's IBIT and Fidelity's FBTC enjoyed inflows of $165 million and $43.99 million, respectively. Despite this, Bitcoin spot ETFs have seen over $12 billion in net inflows year-to-date. A Coinshares report indicates a recovery in investor sentiment with $862 million in inflows last week, despite a slowdown in ETF activity and a regional divergence in investment trends.
April 02, 2024 | 2:33 pm
News sentiment analysis
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NEGATIVE IMPACT
Grayscale's GBTC experienced a significant outflow of $302 million in a single day.
The substantial outflow from GBTC suggests a negative short-term sentiment among investors, potentially leading to a decrease in its price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Fidelity's FBTC ETF received $43.99 million in inflows, demonstrating continued investor interest.
FBTC's inflows suggest a positive outlook from investors, which could lead to a short-term increase in its price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
BlackRock's IBIT saw an inflow of $165 million, indicating positive investor sentiment.
The inflow into IBIT reflects a positive market reception and investor confidence, likely contributing to an upward price movement in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80