Cryptocurrency

Citi claims Bitcoin still falls short of being hailed as “digital gold.”

Spot ETFs Experience Net Outflows, Citigroup Reports

Spot ETFs Witnessing Similar Trends to Bitcoin

In a recent analysis by Citigroup strategists, spot ETFs are observing net outflows in their second week of trading, mirroring the initial launch of ETFs. Unlike Bitcoin, Ethereum’s price movements post-ETF launch have been more impacted by equity market changes than ETF flows.

Crypto Market Correction and Limited Diversification Benefits

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Citigroup analysts note a recent market correction in risky assets emphasizing the limited diversification benefits from crypto. Despite this, crypto fundamentals, such as stablecoins showing no significant outflows and hash rate increasing despite price fluctuations, remain intact.

Bitcoin Struggles to Fulfill ‘Digital Gold’ Status

Contrary to expectations, Bitcoin has not proven to be a reliable “digital gold” during market downturns, lacking the valued store of value properties. Citigroup asserts that Bitcoin’s current role as a risk asset was evident in the recent market turmoil. Spot Bitcoin ETF net inflows reached $19.1 billion, influencing over 40% of the weekly price variations post-ETF introduction.

Bitcoin vs. Ethereum Investor Behavior

Comparing Bitcoin and Ethereum, Citigroup highlights differing investor responses post-ETF launch. While ETH ETFs saw $460 million in net outflows initially, Bitcoin also experienced a decline within days 4 to 12 post-launch. This disparity showcases distinct investor sentiments toward the two leading cryptocurrencies.

Resilient Crypto Fundamentals Amidst Selloff

Despite the recent crypto market sell-off, certain fundamentals remain robust. Increased search interest in cryptocurrencies, stablecoin stability, and rising decentralized exchange volumes reflect ongoing market resilience. Ethereum network activity eased, but Bitcoin activity demonstrated relative stability, albeit at lower levels. Hash rate volatility persisted, trending upward recently, alongside growing decentralized exchange volumes over centralized platforms.

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