Bitcoin, Ethereum ETFs Record Net Inflows On Thursday As Ark Invest Rebalances Portfolio
Portfolio Pulse from Murtuza Merchant
Bitcoin and Ethereum ETFs saw significant net inflows on Thursday, with Ark Invest rebalancing its portfolio by selling shares of its ARKB spot Bitcoin ETF and reducing its exposure to Coinbase Inc. The Grayscale Bitcoin Trust experienced outflows, while BlackRock's iShares Bitcoin Trust and Ethereum-based ETFs saw strong inflows.
August 02, 2024 | 11:46 am
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NEGATIVE IMPACT
Ark Invest sold 108,751 shares of its ARKB spot Bitcoin ETF, resulting in $22.4 million in net outflows, which could indicate a strategic portfolio rebalancing.
The sale of ARKB shares by Ark Invest and the resulting net outflows suggest a strategic portfolio rebalancing, which could negatively impact its short-term price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Ark Invest reduced its exposure to Coinbase Inc. by selling 69,069 shares worth about $14.7 million, following a $2.7 million sale the previous day, possibly due to Coinbase's recent Q2 earnings report showing an 11% revenue decrease.
The reduction in exposure to Coinbase by Ark Invest, following a disappointing Q2 earnings report, suggests a lack of confidence in the stock's short-term performance, which could negatively impact its price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The Grayscale Ethereum Trust experienced outflows of $77.95 million, which could indicate a shift in investor preference towards other Ethereum-based ETFs.
The significant outflow from ETHE suggests a potential decrease in investor confidence or a preference for other Ethereum ETFs, which could negatively impact its short-term price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Grayscale Bitcoin Trust experienced significant outflows of $71.33 million, indicating a potential decrease in investor confidence or a shift to other Bitcoin ETFs.
The significant outflow from GBTC suggests a potential decrease in investor confidence or a preference for other Bitcoin ETFs, which could negatively impact its short-term price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
BlackRock’s Ethereum Trust saw strong inflows of $89.65 million, indicating robust investor confidence in this ETF.
The net inflow into ETHA suggests strong investor interest and confidence, which is likely to positively impact its short-term price.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Fidelity’s Ethereum ETF saw net inflows of $11.70 million, indicating positive investor sentiment towards this ETF.
The net inflow into FETH suggests positive investor sentiment, which is likely to positively impact its short-term price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
BlackRock’s iShares Bitcoin Trust saw a net inflow of $25.90 million, reflecting strong investor interest and confidence in this ETF.
The net inflow into IBIT suggests strong investor interest and confidence, which is likely to positively impact its short-term price.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70