JP Morgan: BlackRock and Fidelity Bitcoin ETFs are ahead of GBTC on two liquidity metrics
Analysts at JPMorgan have stated that BlackRock and Fidelity's physical Bitcoin ETFs are ahead of Grayscale's GBTC in at least two liquidity indicators. The first indicator is JPMorgan's market breadth indicator based on the Hui-Heubel ratio. The indicator for BlackRock and Fidelity's ETFs is about four times lower, which means that the market breadth of these two ETFs is significantly greater than that of GBTC.
The second indicator is based on the average deviation between the ETF closing price and its net asset value. Analysts say that this indicator shows that in the past week, the deviation between the ETF price and net asset value of Fidelity and BlackRock's physical Bitcoin ETFs is similar to that of the SPDR Gold Shares ETF, indicating a significant improvement in liquidity. At the same time, the analysts added that the deviation of GBTC ETF is still high, indicating lower liquidity.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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