Bitcoin Spot ETFs Notch $154M Inflows As Popular Bitcoiner Slams Ethereum: 'A Speculative Platform For Gambling'
Portfolio Pulse from Murtuza Merchant
Bitcoin spot ETFs have seen significant inflows, totaling $154 million on May 22, with BlackRock's Bitcoin ETF (IBIT) and Fidelity's Bitcoin ETF (FBTC) leading the way. In contrast, Grayscale's Bitcoin Trust (GBTC) experienced outflows. Ethereum ETFs, however, have had a lukewarm reception, particularly in Hong Kong. The SEC's potential approval of an Ethereum ETF has sparked debate within the crypto community.
May 23, 2024 | 11:03 am
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POSITIVE IMPACT
Fidelity's Bitcoin ETF (FBTC) recorded a positive inflow of $74.572 million, reflecting robust demand for Bitcoin investment products.
The positive inflow into Fidelity's Bitcoin ETF (FBTC) indicates strong investor interest, which is likely to positively impact the ETF's price in the short term.
CONFIDENCE 100
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
BlackRock's Bitcoin ETF (IBIT) saw a substantial single-day inflow of $91.9527 million, indicating strong investor interest.
The significant inflow into BlackRock's Bitcoin ETF (IBIT) suggests strong investor confidence and demand for Bitcoin investment products, likely driving the ETF's price up in the short term.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Grayscale's Bitcoin Trust (GBTC) experienced an outflow of $16.0914 million, contrasting with the inflows seen by other Bitcoin ETFs.
The outflow from Grayscale's Bitcoin Trust (GBTC) suggests a lack of investor confidence compared to other Bitcoin ETFs, likely leading to a short-term price decline.
CONFIDENCE 100
IMPORTANCE 80
RELEVANCE 100