Bitcoin Nears $58K, Triggering Downward Spiral Of Bitcoin ETFs Amid Market Selloff
Portfolio Pulse from Benzinga Neuro
Bitcoin's price nearing $58,000 has led to a significant decrease in Bitcoin ETFs. iShares Bitcoin Trust ETF (IBIT) fell by 3.53%, Grayscale Bitcoin Trust (GBTC) by 3.51%, Fidelity Wise Origin Bitcoin Fund (FBTC) by 3.18%, and Bitwise Bitcoin ETF (BITB) by 3.39%. The downturn follows a market selloff over the weekend, with BTC trading at $58,704.30.
August 12, 2024 | 10:59 am
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NEGATIVE IMPACT
Bitwise Bitcoin ETF (BITB) saw a 3.39% drop as Bitcoin's price approached $58,000.
The decrease in Bitcoin's price led to a 3.39% drop in Bitwise Bitcoin ETF, indicating a negative short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Fidelity Wise Origin Bitcoin Fund (FBTC) traded 3.18% lower as Bitcoin's price neared $58,000.
The drop in Bitcoin's price caused a 3.18% decrease in Fidelity Wise Origin Bitcoin Fund, reflecting a negative short-term outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Grayscale Bitcoin Trust (GBTC) experienced a 3.51% decline as Bitcoin's price approached $58,000.
The decline in Bitcoin's price led to a 3.51% drop in Grayscale Bitcoin Trust, indicating a negative short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
iShares Bitcoin Trust ETF (IBIT) saw a 3.53% decrease during Monday’s pre-market trading due to Bitcoin's price nearing $58,000.
The significant drop in Bitcoin's price directly impacted the iShares Bitcoin Trust ETF, causing a 3.53% decrease. This is a clear negative signal for short-term price movement.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100