The iShares Bitcoin Trust ETF (IBIT) had another poor day. It is now down 13.67% over the last 5 days and off 10.94% in the year-to-date.
Claim 50% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
According to technical analysis, the IBIT has a Sell consensus based on 14 Bearish, 1 Neutral and 7 Bullish ratings.
Based on the activity of 851,975 investors in the recent quarter, the IBIT has a below-sector-average Negative investor sentiment. Overall, 1.7% of all portfolios hold the IBIT.
Today’s IBIT Performance
Today, the IBIT was down 3.12% to $42.84. The price of Bitcoin slumped 5.88% to $74,044.
It followed on from a dour Monday when the IBIT recorded a sharp single-day outflow of $528.3 million. Bitcoin could have further to fall as investors go risk-off. Galaxy analyst Alex Thorn believes it could slide towards $58,000.