The iShares Bitcoin Trust (IBIT) had a miserable Monday. It is now down 1.15% over the past 5 days and off 2.83% in the year-to-date.
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According to TipRanks’ technical analysis, the IBIT is now at a Sell consensus based on 11 Bearish, 6 Neutral and 5 Bullish ratings.
Based on the activity of 830,410 investors in the recent quarter, it has scored a below sector-average negative sentiment. Those investors aged under 35 have been the most active buyers.
In total, 1.9% of all portfolios hold IBIT.
Today’s IBIT Performance
Today, the IBIT was down 6.13% at $48.38. The main drag was the price of Bitcoin, which dropped 5.78% to $85,123.
The downturn has come alongside a broader risk-off mood in the market, with investors retreating from both digital assets and equities amid increasing economic uncertainty.
“Crypto’s performance as an asset class generally seems to be more ‘risk on’ than ‘risk off’ and Bitcoin’s latest bout of marked weakness is coinciding with a pause in U.S. equities’ relentless march higher and the first signs of some doubts over AI stocks and whether their valuations and spending plans can be truly justified,” said AJ Bell investment director Russ Mould.
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