Spot Bitcoin ETFs Clobbered By $218M Net Outflow On Thursday
Portfolio Pulse from Murtuza Merchant
Bitcoin ETFs experienced a significant net outflow of $218 million on Thursday, despite Bitcoin's price increase of 3.7%. Fidelity's FBTC and Valkyrie's BRRR ETFs saw their first net withdrawals, while Grayscale's GBTC faced the largest outflow. Franklin Templeton's EZBC was the exception with a net inflow. The outflows contrast with Bitcoin's price resilience, suggesting a disconnect between ETF investor sentiment and the cryptocurrency's market performance.
April 26, 2024 | 10:38 am
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NEGATIVE IMPACT
Valkyrie's BRRR ETF saw a net outflow of $20.16 million, marking its first significant withdrawal.
The withdrawal from BRRR suggests a cautious or negative outlook from investors, potentially leading to a decrease in its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Fidelity's FBTC ETF experienced its first net withdrawal of $22.61 million amid broader Bitcoin ETF outflows.
The net withdrawal from FBTC indicates a negative short-term sentiment among investors, likely impacting its stock price negatively.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Grayscale's GBTC ETF bore the largest brunt of Bitcoin ETF outflows, with a net loss of $139 million.
The significant outflow from GBTC is a strong indicator of negative investor sentiment, likely leading to a short-term negative impact on its stock price.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
BlackRock's iShares Bitcoin Trust (IBIT) recorded no new inflows for the second consecutive day amid sector-wide outflows.
The lack of new inflows into IBIT reflects a neutral stance among investors, likely resulting in a stable short-term stock price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Franklin Templeton's EZBC ETF was an outlier with a net inflow of $1.87 million, despite overall market outflows.
The net inflow into EZBC amidst broader market outflows suggests stronger investor confidence in this ETF, potentially leading to a positive impact on its stock price.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70