The iShares Bitcoin Trust (IBIT) ended the week on a low today. It is now down 6.18% over the past 5 days and is 4.79% higher in the year-to-date.
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According to TipRanks’ technical analysis, the IBIT is now at a Sell consensus based on 14 Bearish, 3 Neutral and 5 Bullish ratings.
Based on the activity of 828,029 investors in the recent quarter, it has scored above sector-average positive sentiment. Those investors aged between 35 and 55 have been the most active buyers.
In total, 1.9% of all portfolios hold IBIT.
Today’s IBIT Performance
Today, the IBIT was down 2% at $54.46 in late trading. The main drag was the price of Bitcoin, which dropped 3.61% to $96,020.
Investors were still risk-averse given fears over the state of the global economy and the solidity of tech stocks.
“The current selloff is fully correlated with other risk assets, but the magnitude in crypto is larger given its higher volatility,” said Max Gokhman, deputy CIO at Franklin Templeton Investment Solutions (BEN). “Crypto’s beta to macro risks will stay high until deeper institutional participation broadens beyond Bitcoin and Ether.”
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