Spot Bitcoin ETFs Bled Another $162 Million On Tuesday
Portfolio Pulse from Murtuza Merchant
Bitcoin spot ETFs experienced significant outflows, with $162 million leaving on Tuesday. Grayscale Bitcoin Trust (GBTC) saw the largest withdrawal of $93.2277 million. Fidelity's FBTC and Bitwise's BITB also experienced substantial outflows, while Ark's ARKB was the only one with an inflow. This trend contrasts with the optimism seen in Hong Kong, where new cryptocurrency spot ETFs have been launched with significant interest, despite lower first-day trading volumes compared to the U.S.
May 01, 2024 | 2:33 pm
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POSITIVE IMPACT
Ark's ARKB was the only Bitcoin spot ETF to record a net inflow, with $3.6 million.
The inflow into ARKB, in contrast to other Bitcoin spot ETFs, suggests a positive investor sentiment towards it, potentially leading to a short-term increase in its stock price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Bitwise's BITB saw an outflow of $34.31 million.
The significant outflow from BITB is indicative of negative market sentiment, likely affecting its stock price negatively in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Fidelity's FBTC experienced a significant outflow of $35.28 million.
The outflow from FBTC suggests a lack of investor confidence, potentially leading to a decrease in its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Grayscale Bitcoin Trust experienced a significant outflow of $93.2277 million, contributing to a historical net outflow of $17.303 billion.
The substantial outflow from GBTC indicates a negative sentiment among investors, likely leading to a short-term negative impact on its stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90