Bitcoin ETFs Record $51M Net Outflows On Monday, Continue 3-Week Outflow Trend
Portfolio Pulse from Murtuza Merchant
Bitcoin ETFs experienced significant outflows, with ARKB and GBTC leading the trend with $31.34 million and $24.66 million in outflows respectively. The total net outflow reached $51.53 million on Monday, continuing a three-week trend totaling $435 million in outflows. BlackRock's iShares Bitcoin Trust (IBIT) remained stagnant. The U.S. saw the majority of these outflows, with Grayscale's GBTC accounting for $440 million. Despite this, inflows for the year hit a record $13.6 billion. Altcoins like Solana, Litecoin, and Chainlink saw inflows, indicating a diversification in investor interest.
April 30, 2024 | 11:20 am
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
ARKB experienced a significant single-day net outflow of $31.34 million, indicating a strong bearish sentiment among investors.
The substantial outflow from ARKB suggests a lack of confidence from investors, potentially leading to a short-term negative impact on its price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
GBTC saw a reduction of $24.66 million, continuing its trend of outflows amidst a broader market downturn.
The ongoing outflows from GBTC reflect a negative market sentiment, likely exerting downward pressure on its price in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
NEUTRAL IMPACT
IBIT remained stagnant with no inflows or outflows, indicating a neutral market position amidst the broader outflow trend.
The lack of movement in IBIT, despite significant outflows in other Bitcoin ETFs, suggests a stable but cautious investor sentiment towards it.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70