Standard Chartered To Launch Bitcoin, Ethereum Trading Desk As ETF Outflows Continue
Portfolio Pulse from Murtuza Merchant
Standard Chartered is launching a Bitcoin and Ethereum trading desk, positioning itself as one of the first global banks to enter spot cryptocurrency trading. This move comes amid significant outflows from Bitcoin spot ETFs, with Grayscale experiencing substantial outflows and BlackRock seeing modest inflows.
June 21, 2024 | 11:25 am
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NEGATIVE IMPACT
Grayscale's Bitcoin ETF experienced a significant single-day outflow of $53.1022 million, contributing to a total net outflow of $140 million over five days.
The significant outflows from Grayscale's Bitcoin ETF indicate a negative sentiment towards the ETF, likely leading to a short-term decline in its price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Goldman Sachs has been involved in trading cryptocurrency derivatives but faces regulatory challenges in direct crypto trading.
Goldman Sachs is mentioned as a comparison to Standard Chartered's new trading desk. The regulatory challenges faced by Goldman Sachs highlight the difficulties in direct crypto trading, but the news does not directly impact Goldman Sachs' stock price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
BlackRock's Bitcoin ETF saw a modest single-day inflow of $1.4791 million, bringing its total historical net inflow to $17.643 billion.
The modest inflow into BlackRock's Bitcoin ETF suggests a positive sentiment and could lead to a short-term increase in its price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100