Bitcoin ETF Hype Fades As IBIT Slumps Below Key Averages — Did Investors 'Bet On The Wrong Horse'?
Portfolio Pulse from Surbhi Jain
The iShares Bitcoin Trust ETF (IBIT) has seen a decline, dropping below key averages and signaling a bearish trend. Despite a strong start in 2024, the ETF is down 20.94% over the last six months. Critics like Peter Schiff argue that Bitcoin ETFs have underperformed compared to gold ETFs. Technical indicators suggest further downward momentum for IBIT.
September 10, 2024 | 2:50 pm
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NEGATIVE IMPACT
The iShares Bitcoin Trust ETF (IBIT) is experiencing a bearish trend, trading below key moving averages and showing negative technical indicators. Despite initial gains, the ETF has underperformed recently, raising concerns among investors.
IBIT is trading below its 5, 20, and 50-day moving averages, indicating a bearish trend. The MACD is negative, and the RSI is neutral, suggesting further downward momentum. These technical indicators, combined with recent underperformance, suggest a likely short-term decline.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
SPDR Gold Trust (GLD) has outperformed Bitcoin ETFs, gaining 24% despite losing investor interest. This performance contrasts with the struggles of Bitcoin ETFs like IBIT.
GLD has gained 24%, contrasting with the underperformance of Bitcoin ETFs. This suggests a positive sentiment towards gold as an investment, potentially leading to short-term gains.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50