Spot Bitcoin ETFs Register $35M Net Inflow On First Post-Halving Trading Day
Portfolio Pulse from Murtuza Merchant
Bitcoin spot ETFs saw a net inflow of $62.09 million on the first trading day post-Bitcoin halving, with Grayscale's Bitcoin Trust (GBTC) experiencing a net outflow of $34.993 million and Fidelity Wise Origin Bitcoin Fund (FBTC) recording a net inflow of $34.8334 million. This activity follows Bitcoin's fourth halving on April 19, which historically leads to price increases. Analysts suggest a bullish stance on Bitcoin, recommending buying BTC calls for December 2024 and March 2025.
April 23, 2024 | 9:48 am
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NEGATIVE IMPACT
Grayscale's Bitcoin Trust experienced a net outflow of $34.993 million on the first trading day post-Bitcoin halving.
The net outflow from GBTC indicates a potential short-term negative sentiment among investors, possibly impacting its price negatively in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Fidelity Wise Origin Bitcoin Fund recorded a net inflow of $34.8334 million on the first trading day post-Bitcoin halving.
The significant net inflow into FBTC suggests increased investor confidence and could lead to a positive price movement in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90