Bitcoin ETF by ARK 21Shares Sees Record Inflows as Bitcoin Nears $72,000
Summary:
ARK 21Shares' Bitcoin exchange-traded fund (ETF) recorded a massive $201.8 million of inflows on Wednesday, nearly five times its daily average. Other Bitcoin ETFs also saw substantial inflows. This increase came as Bitcoin's value approached $72,000. Crypto analysts highlight that investors should focus more on the overall fund inflow into Bitcoin rather than short-term price fluctuations.
The Bitcoin (BTC) exchange-traded fund (ETF) by ARK 21Shares saw an unprecedented inflow of $201.8 million on Wednesday, nearly five times its usual daily influx, as Bitcoin came close to hitting the $72,000 mark. On March 27, according to initial data provided by Farside Investors, the daily inflow into ARK 21Shares' Bitcoin ETF surged four times compared to its daily average of $43.9 million since its inauguration on January 11. The day's inflow almost tripled the previous day's $73.6 million, with no inflows registered for March 25.
In related news, the Valkyrie Bitcoin ETF (BRRR) reported $5.1 million in inflows, while Invesco Galaxy Bitcoin ETF (BTCO) and the Franklin Bitcoin ETF (EZBC) saw inflows of $4.8 million and $4 million respectively. The VanEck Bitcoin ETF (HODL) indicated $1.9 million of inflows, whereas both the WisdomTree Bitcoin ETF (BTCW) and Fidelity Investments Bitcoin ETF (FBTC) logged $1.5 million inflows. Meanwhile, data from BlackRock has yet to be revealed.
Bitcoin's value peaked at $71,670 before dipping under the $69,000 support level, ending the day at approximately $69,698. As per details from CoinMarketCap, the current Bitcoin price is around $69,464.
However, some crypto pundits are saying that traders are overly concerned with Bitcoin’s short-lived price movements, ignoring the larger scale of things. Gumshoe, a crypto analyst, posted on March 28 to his followers that investors gravitate towards a narrow viewpoint, zooming in on daily price shifts rather than considering the overall net inflow into Bitcoin.
Matt Hougan, chief investment officer of Bitwise, commented in a post dated March 27 that the bulk of professional investors, particularly in the UK where “the FCA stands predominantly against crypto,” can't yet invest in Bitcoin ETFs. Bitcoin Munger, a well-known crypto observer, suggested in his tweet that the approaching $13 billion of inflows might boost Bitcoin's price by $50K-$70K or more. Last reported on March 18, an accumulative $13.2 billion in fresh capital has entered investment offerings like spot Bitcoin ETFs since the start of the year.
Published At
3/28/2024 6:36:16 AM
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