Cathie Wood’s Bitcoin ETF hits daily inflow record as BTC retests $72K

ARK 21Shares’ spot Bitcoin exchange-traded fund (ETF) managed to notch a record $201.8 million of inflows on Wednesday, almost quintupling its average daily inflows as Bitcoin just fell short of reaching $72,000.

Preliminary data from Farside Investors revealed that on March 27, the ARK 21Shares Bitcoin ETF's daily inflow was a four-fold increase from its daily average of $43.9 million since its launch on Jan. 11.

It also nearly tripled the amount from the previous day when ARK Invest saw inflows of $73.6 million, while there were no recorded inflows on March 25.

Meanwhile, the Valkyrie Bitcoin ETF (BRRR) witnessed $5.1 million in inflows, the Invesco Galaxy Bitcoin ETF (BTCO) saw $4.8 million in inflows, the Franklin Bitcoin ETF (EZBC) had $4 million in inflows and the VanEck Bitcoin ETF (HODL) noted $1.9 million.

Both the WisdomTree Bitcoin ETF (BTCW) and Fidelity Investments Bitcoin ETF (FBTC) reported $1.5 million in inflows — all single-digit inflows. However, BlackRock data has yet to come in at the time of writing.

It comes as Bitcoin hit $71,670 before falling below the $69,000 support level before closing the day at $69,698. At the time of publication, Bitcoin’s current price is $69,464, as per CoinMarketCap data.

Crypto commentators, meanwhile, have begun to argue that investors are too fixated on Bitcoin’s short-term price fluctuations rather than considering the broader perspective.

In a March 28 post on X, crypto researcher Gumshoe informed his 28,900 followers that investors are opting for a micro perspective, focusing on daily price closures rather than considering the actual influx of funds into Bitcoin.

“Bitcoin ETFs seeing ATH inflows and people are panicking over the daily close of a candle,” he stated.

#news #btc #etf

Mar-28-2024 08:12:40 AM