Bitcoin's 8% Drop Past Week Led To $83M Net Outflows In Spot Bitcoin ETFs
Portfolio Pulse from Khyathi Dalal
Spot Bitcoin ETFs experienced $83M in net outflows as Bitcoin's price dropped 8% last week, contrasting with the previous week's $485M inflows. Grayscale Bitcoin Trust ETF (GBTC) saw $767M exit, while BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) attracted $487M and $90M, respectively. This marks the third time for net outflows since the January launch of spot Bitcoin ETFs, amidst investor caution and profit-taking.
April 15, 2024 | 3:30 pm
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NEGATIVE IMPACT
Grayscale Bitcoin Trust ETF saw $767 million in outflows last week as Bitcoin's price fell, indicating significant investor withdrawal.
The substantial outflows from GBTC, especially in contrast to the overall sector's performance, suggest a negative short-term impact on its price due to increased investor caution and profit-taking.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Fidelity Wise Origin Bitcoin Fund attracted $90 million, indicating continued investor interest despite market challenges.
FBTC's ability to draw $90 million in a challenging market week suggests a positive outlook from investors, likely contributing to a short-term positive impact on its price.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 70
POSITIVE IMPACT
BlackRock's iShares Bitcoin Trust attracted $487 million, showing resilience despite the market downturn.
IBIT's ability to attract significant investment in a down market indicates positive investor sentiment towards this ETF, potentially leading to a short-term positive price impact.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80