BTC - Why the iShares Bitcoin Trust ETF Lost 11.4% Last Month
2024-07-08 11:14:18 ET
Shares of the iShares Bitcoin Trust (NASDAQ: IBIT) exchange-traded fund (ETF) fell by 11.4% in June, according to data from S&P Global Market Intelligence . That decline mirrored the underlying Bitcoin (CRYPTO: BTC) chart, as the leading cryptocurrency dropped by 11% over the course of the month.
As expected, the largest and most popular spot-price Bitcoin ETF tracked Bitcoin's price moves almost precisely. There are always small spreads between Bitcoin ETFs and Bitcoin prices when looking at a period of several days since an ETF's price only moves during the stock market's standard trading hours while crypto prices never stop moving. But when the market is open, the two assets will be almost completely in sync, and their divergences will even out in the long run.
So why did Bitcoin have a bad month in June? There were a couple of driving factors:
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Why the iShares Bitcoin Trust ETF Lost 11.4% Last Month