Bitcoin Continues Sideways Despite $21M ETF Inflow On Wednesday
Portfolio Pulse from Murtuza Merchant
Bitcoin spot ETFs saw a net inflow of $21.5187 million on June 26, with significant contributions from Fidelity ETF (FBTC) and Grayscale ETF (GBTC). Despite this, the cryptocurrency market remains anxious. The U.S. government transferred 3,940 BTC to Coinbase Prime (COIN), and the German government has slowed its BTC transfers to exchanges. Analysts suggest the market may have priced in potential sell-offs, leading to strategies for accumulating Bitcoin.
June 27, 2024 | 10:51 am
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NEUTRAL IMPACT
The U.S. government transferred 3,940 BTC to Coinbase Prime (COIN) following approval for liquidation.
While the transfer of BTC to Coinbase Prime is significant, it does not directly impact COIN's stock price in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Fidelity ETF (FBTC) saw a significant single-day inflow of $18.6093 million, pushing its total net inflow to $9.185 billion.
The significant inflow into FBTC indicates strong investor interest, which is likely to positively impact its short-term price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Grayscale ETF (GBTC) recorded a daily inflow of $4.3306 million, contributing to the overall uptick in Bitcoin spot ETFs.
The inflow into GBTC suggests positive sentiment among investors, which is likely to have a favorable short-term impact on its price.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70