How is IBIT stock faring? The iShares Bitcoin Trust (IBIT) was back on form today. It is now down 9.34% over the past 5 days and is 7.79% higher in the year-to-date.
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According to TipRanks technical analysis, the IBIT is now at a Strong Sell consensus based on 14 Bearish, 3 Neutral and 5 Bullish ratings.
Based on the activity of 826,386 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 up 3.57% at $59.23. The main driver was the price of Bitcoin, which increased 2.90% to $104,412.77.
The price was helped by Japanese Bitcoin treasury Metaplanet, which is buying more Bitcoin after securing a $100 million loan using its crypto as collateral. However, it added that it was tailoring its borrowing and BTC accumulation strategy to account for Bitcoin’s price volatility.
Indeed, institutional crypto firm Galaxy told its clients today that it is slashing its end-of-year target for Bitcoin from $185,000 to $120,000. As reported by Reuters, it said that Bitcoin has entered a new phase, called the “maturity era.” During this phase, “institutional absorption, passive flows, and lower volatility will dominate.”
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