Bitcoin ETF Outflows Continue For Second Straight Week
Portfolio Pulse from Murtuza Merchant
Investor interest in Bitcoin and other digital asset ETFs and ETPs has declined for the second consecutive week, with outflows totaling $206 million. U.S. ETFs experienced significant outflows of $244 million, while Canada and Switzerland saw inflows. Ethereum and multi-asset products showed divergent trends, with Ethereum facing outflows and multi-asset products seeing inflows. Grayscale ETF, Fidelity ETF, and BlackRock ETF experienced mixed flows. The market's sentiment appears cautious ahead of the Bitcoin halving and in light of potential high interest rates.
April 22, 2024 | 12:43 pm
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NEGATIVE IMPACT
Grayscale ETF experienced a net outflow of $45.8246 million amid broader digital asset market outflows.
The outflow from Grayscale ETF reflects a broader trend of declining investor interest in digital asset investment products, likely impacting its short-term performance negatively.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Fidelity ETF saw a net inflow of $54.7707 million, contrasting with the overall market trend of outflows.
Fidelity ETF's net inflows in a period of general outflows suggest a stronger investor confidence in this product, potentially leading to positive short-term performance.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
BlackRock ETF received a net inflow of $29.2758 million, indicating investor interest despite broader market outflows.
The inflow into BlackRock ETF amidst widespread outflows suggests it may be viewed as a safer or more attractive option by investors, likely benefiting its short-term outlook.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90