Bitcoin Spot ETFs Record $108M Inflows While Ethereum ETF Potential Remains Uncertain
Portfolio Pulse from Murtuza Merchant
Bitcoin spot ETFs have recorded $108 million in inflows, marking nine consecutive days of positive inflows, while the Grayscale Bitcoin Trust (GBTC) saw outflows of $13.7209 million. BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) also saw significant inflows. Meanwhile, the potential approval of Ethereum ETFs raises questions about institutional interest, with predictions that they will hold only 10-15% of the assets managed by Bitcoin ETFs. Regulatory developments suggest a shift in how the SEC views Ethereum, potentially boosting market confidence.
May 24, 2024 | 11:27 am
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NEGATIVE IMPACT
Grayscale Bitcoin Trust (GBTC) experienced an outflow of $13.7209 million, indicating a potential shift in investor preference towards newer ETF offerings.
The outflow from GBTC suggests that investors are moving their funds to newer Bitcoin ETFs, which could negatively impact GBTC's short-term price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Fidelity Wise Origin Bitcoin Fund (FBTC) garnered $19.1224 million in inflows, indicating sustained interest in this product.
The inflow into FBTC suggests continued investor interest, which is likely to positively impact its short-term price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
BlackRock’s iShares Bitcoin Trust (IBIT) saw a significant inflow of $88.9516 million, reflecting sustained interest in this product.
The substantial inflow into IBIT indicates strong investor confidence and interest, likely boosting its short-term price.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90