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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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
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
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