It’s likely no surprise to anyone to find that Bitcoin (BTC-USD) has been wildly volatile of late. Most cryptocurrencies have been, and are, except for those who don’t see a lot of trading in general. But Bitcoin stocks also took something of a hit in today’s trading, as Bitcoin funds see major new outflows on the pace of recent gains.
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Reports from CoinShares noted that the funds following Bitcoin saw the biggest outflows since March, which was a fairly rough month for cryptocurrency as it was. Those funds saw $111 million worth of capital bail out. The week before, those same funds saw $21 million worth of capital removed, so it’s clear something is ramping up. And it wasn’t just Bitcoin, either; Ethereum (ETH-USD) and others also saw outflows to the tune of $107 million. However, there are signs that sentiment in the altcoin market—coins that aren’t the most popular or widely-held—is improving overall.
Cryptocurrency stocks also took a hit on the massive outflows. Microstrategy (NASDAQ:MSTR), who built a massive Bitcoin hoard to the point that fluctuation in Bitcoin prices caused Microstrategy stock to change, lost 1.89% at one point in Monday’s trading. Coinbase (NASDAQ:COIN), the premiere cryptocurrency exchange, lost fractionally. And Marathon Digital (NASDAQ:MARA) lost a whopping 4.6% in Monday afternoon’s trading. The losses were widespread, though the amounts involved varied wildly as well, showing that a rising tide may lift most boats, but an ebbing tide sinks many of them too.
Interestingly, Microstrategy—the Strong Buy-rated stock hit second hardest by these developments—is the strongest proposition of the three. With an average price target of $508.25, it comes with a 37.42% upside potential. Meanwhile, Coinbase, rated only a Hold, boasts a 5.66% downside risk thanks to its average price target of $81.79.
