Bitcoin Rebounds From ETF Outflows, Back Above $61K
Portfolio Pulse from Murtuza Merchant
Bitcoin has rebounded to over $61,000 despite significant outflows from spot ETFs, including a $90.4295 million outflow from the Grayscale Bitcoin Trust (GBTC). The total net asset value of Bitcoin spot ETFs remains substantial at $51.53 billion. Analysts attribute the outflows to pessimism regarding potential interest rate cuts by the Federal Reserve.
June 25, 2024 | 11:07 am
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The Grayscale Bitcoin Trust (GBTC) experienced a significant net outflow of $90.4295 million, contributing to the overall negative sentiment in Bitcoin ETFs.
The substantial outflow from GBTC indicates a lack of confidence among investors, which could negatively impact its short-term price. However, the overall net asset value of Bitcoin spot ETFs remains high, suggesting continued interest in the sector.
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