Bitcoin Spot ETFs Bleed For the Fifth Straight Day, Record $140M In Outflows On Thursday
Portfolio Pulse from Aniket Verma
Bitcoin spot ETFs experienced net outflows for the fifth consecutive day, with a record $140 million in outflows on Thursday. BlackRock's iShares Bitcoin Trust (IBIT) was the only fund to see inflows, while Grayscale Bitcoin Trust (GBTC) and Fidelity's Bitcoin ETF (FBTC) saw significant outflows. The total outflows over the last five days reached $854 million.
June 21, 2024 | 9:22 am
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NEGATIVE IMPACT
Fidelity's Bitcoin ETF (FBTC) saw $51 million in outflows on Thursday, contributing to the overall negative sentiment in Bitcoin spot ETFs.
FBTC's outflows are part of a broader trend of investor caution in Bitcoin spot ETFs, which could negatively impact the fund's short-term performance.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Grayscale Bitcoin Trust (GBTC) experienced the highest outflow among Bitcoin spot ETFs, with $53 million in redemptions on Thursday.
GBTC's significant outflows reflect weak investor sentiment and could lead to short-term price pressure on the fund.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
BlackRock's iShares Bitcoin Trust (IBIT) was the only Bitcoin spot ETF to see inflows, with $1.5 million on Thursday.
Despite the overall negative sentiment in Bitcoin spot ETFs, IBIT managed to attract inflows, indicating relative strength and investor confidence in this specific fund.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80