ARK 21Shares’ Bitcoin exchange-traded fund (ETF) experienced a significant surge in inflows, reaching a record $201.8 million on Wednesday. This marked a nearly five-fold increase from its average daily inflows as Bitcoin came close to reaching $72,000. Preliminary data from Farside Investors showed that the ARK 21Shares Bitcoin ETF’s daily inflow was four times higher than its daily average of $43.9 million since its launch on January 11. The Valkyrie Bitcoin ETF witnessed $5.1 million in inflows, while the Invesco Galaxy Bitcoin ETF, Franklin Bitcoin ETF, and VanEck Bitcoin ETF saw inflows of $4.8 million, $4 million, and $1.9 million respectively. The WisdomTree Bitcoin ETF and Fidelity Investments Bitcoin ETF reported inflows of $1.5 million each. Bitcoin’s price reached $71,670 before dropping below the $69,000 support level and closing at $69,698. Currently, Bitcoin is priced at $69,464. Some crypto commentators argue that investors are too focused on short-term price fluctuations instead of considering the bigger picture. They believe that the influx of funds into Bitcoin through ETFs is more important than daily price closures. However, professional investors still face challenges in buying Bitcoin ETFs, particularly in the UK where regulatory authorities are against cryptocurrencies. Despite this, there is optimism that the next $13 billion of inflows could significantly impact Bitcoin’s price, potentially adding $50,000 to $70,000 or even more. In total, $13.2 billion in new capital has flowed into investment products like spot Bitcoin ETFs this year.
Cathie Wood's Bitcoin Exchange-Traded Fund Achieves All-Time High Inflows as BTC Revisits $72K