Mohamed El-Erian Says While Most Assets Recovered After A 'Shaky Start' In August, Bitcoin Was Among The Exceptions
Portfolio Pulse from Aniket Verma
Mohamed El-Erian highlighted Bitcoin's underperformance in August compared to other major asset classes, despite being the best-performing asset year-to-date. While the Dow and S&P 500 saw gains, Bitcoin fell over 11%. The sentiment around Bitcoin remains weak, with net outflows in August and a historically unfavorable September.
September 02, 2024 | 2:49 am
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NEUTRAL IMPACT
BlackRock’s iShares Bitcoin Trust (IBIT) saw net inflows of $277 million last week, but August had net outflows of over $12 million. The ETF is the largest tracking Bitcoin's spot price, with assets over $21 billion.
Despite Bitcoin's underperformance in August, IBIT saw significant inflows last week, indicating investor interest. However, the net outflows in August and Bitcoin's historical September performance suggest a neutral short-term impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80