(Bloomberg)-Investors extract more than a billion dollars of funds circulating in Bitcoin exchange on Tuesday, which represents the largest flow for one day since the regiment appeared last January.
Most of them read from Bloomberg
Fidelity Wise Origin Bitcoin Fund (Ticker FBTC) has published sharp outflows between these funds, followed by ISHARES Bitcoin Trust Etf (IBIT), according to the data collected by Bloomberg. This is that the price of Bitcoin may stumble, as investors have avoided risk assets in the face of uncertainty. As a group, Bitcoin boxes threw nearly $ 2.1 billion over a period of six consecutive days – the longest extension of foreign flows since last June.
The largest digital assets in the world were under pressure this week, as its price has been sank to its lowest level since mid -November, after it reached the highest level earlier this year. Other cryptocurrencies have also slipped, with the index followed the upper digital symbols at a pace of the largest four -day decrease since early August.
While the Bitcoin boxes are going out, investors have benefited from selling stocks recently to add approximately $ 7 billion combined in one session to Invesco QQQ Trust (QQQ) and SPDR S & P 500 ETF TRUST (SPY).
“The digital assets are still very retrieved, despite institutional flows over the past 12 months,” said Jeff Kendrick, the international head of digital asset research at Standard Charterd. This distinguishes them from stock and fixed income. In my opinion, this means that the average hand is weaker or has less depth pockets to ride the losses. Thus, there is likely to have more pain. “
Kendrick expects Bitcoin to trade less – at about $ 80,000 – at this point, will buy the decline. “
For Matthew Segel, head of the Vanc Digital Asset Research, it is likely that the flows outside the hedge funds stem from a popular trading strategy called the basic trade, which exploits the differences in prices between immediate markets. Some have used the profitable investment funds from cryptocurrencies or a short position in derivatives.
“This strategy includes the purchase of the Bitcoin spot (often through the traded investment funds) with the shortcomings of Betcoin's futures simultaneously to lock a low -risk return,” Sigil said. However, profits from this trade have collapsed recently, making them less attractive. As a result, it is possible that the hedge funds that were using the investment funds circulating in this strategy were closed, which leads to a large recovery. “
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