“Yes, total flows for group were -$168m but that’s peanuts, about 0.3% of total aum and a 1/3 of that was GBTC. That said, it’s one day, I could see some more outflows this week. I was thinking a couple billion would leave, maybe 5%, which means 95% hung tough which would be strong. So far tho looking much stronger than that.”
Commenting on the significance of Morgan Stanley (MS) approving IBTC and FBTC for its brokers, Balchunas remarked,
“Huge. Getting into wirehouses (and esp their models) is the Promised Land for an ETF issuer.”
US Economic Calendar
Later in the Thursday session, US jobless claims could influence buyer demand for BTC.
Economists forecast continuing jobless claims will slip from 1,877k in the week ending July 20 to 1,870k in the week ending July 27.
Better-than-expected US labor market data could ease immediate fears of a US recession and drive demand for riskier assets. On Friday, BTC tumbled 5.40% as the US unemployment rate rose from 4.1% in June to 4.3% in July.
Weaker labor market conditions could impact wage growth, reduce disposable income, and curb consumer spending. Lower consumer spending could affect the US economy as it contributes over 60% to GDP.
