#CathieWood ’s #BitcoinETF hits daily inflow record as BTC retests $72K
The ARK 21Shares Bitcoin ETF experienced a significant surge in inflows, recording a staggering $201.8 million on Wednesday, nearly quadrupling its average daily inflow of $43.9 million. This milestone was achieved as Bitcoin approached the $72,000 mark.
According to preliminary data from Farside Investors, the ARK 21Shares Bitcoin ETF witnessed a four-fold increase in daily inflows compared to its average since its launch on January 11. This impressive figure marked a substantial jump from the previous day's inflow of $73.6 million, with no recorded inflows on March 25.
Additionally, other Bitcoin ETFs also saw notable inflows, with the Valkyrie Bitcoin ETF (BRRR) attracting $5.1 million, the Invesco Galaxy Bitcoin ETF (BTCO) receiving $4.8 million, & the Franklin Bitcoin ETF (EZBC) & VanEck Bitcoin ETF (HODL) noting inflows of $4 million & $1.9 million, respectively. However, data from BlackRock ETFs is pending at the time of writing.
Bitcoin reached a high of $71,670 before retracting below the $69,000 support level, ending the day at $69,698. It's currently at $69,464, as per CoinMarketCap. Despite bullish inflows into Bitcoin ETFs, commentators note investors' fixation on short-term price moves over broader trends.
Crypto researcher Gumshoe noted on March 28 that while record-breaking inflows into Bitcoin ETFs are occurring, investors remain overly fixated on daily price closures of Bitcoin candles. Meanwhile, Bitwise's Chief Investment Officer, Matt Hougan, highlighted on March 27 the persistent obstacles faced by professional investors in purchasing Bitcoin ETFs, particularly in the UK due to regulatory hurdles.
Bitcoin pundit Bitcoin Munger is optimistic, suggesting that an additional $13 billion flowing into Bitcoin could raise its price by $50,000 to $70,000 or more. Cointelegraph reported on March 18 that investment products like spot Bitcoin ETFs had attracted $13.2 billion in new capital year-to-date.
Source - cointelegraph.com
