Bitcoin Back Above $67K Despite $226M ETF Outflows On Thursday
Portfolio Pulse from Murtuza Merchant
Bitcoin ETFs saw a net outflow of $226 million on June 13, with Grayscale's Bitcoin Investment Trust (GBTC) experiencing a $61.53 million outflow. However, BlackRock's iShares Bitcoin Trust (IBIT) saw a net inflow of $18.23 million. Market analysts attribute the outflows to miner capitulation and regulatory uncertainty. Despite this, Bitcoin's price rose to $67,000. Ethereum may present an accumulation opportunity ahead of a potential spot ETH ETF approval in late summer.
June 14, 2024 | 11:59 am
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POSITIVE IMPACT
BlackRock's iShares Bitcoin Trust saw a net inflow of $18.23 million, indicating some investor interest in alternative Bitcoin exposure.
The net inflow into IBIT suggests that some investors are still seeking Bitcoin exposure, which could positively impact IBIT's short-term price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Grayscale's Bitcoin Investment Trust experienced a significant net outflow of $61.53 million, indicating potential institutional investor hesitancy towards Bitcoin.
The significant outflow from GBTC suggests that institutional investors are pulling back from Bitcoin, which could negatively impact GBTC's short-term price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90