Ark Invest’s spot bitcoin ETF sees daily net outflow of $87 million
Net daily outflows from Ark Invest 21Shares’ ARKB worth $87.5 million surpassed that of Grayscale’s ETF on Tuesday.Meanwhile, the spot bitcoin ETF sector collectively saw a cumulative net daily inflow of $39.5 million.
Ark Invest 21Shares’ ARKB fund saw net outflows of $87.5 million on Tuesday, the highest since its debut, according to data from SoSoValue.
The amount surpasses outflows seen from Grayscale’s GBTC, which recorded $81.9 million on the same day. Just on Monday, ARKB experienced net outflows for the first time since its debut, with about $300,000 leaving the fund.
BlackRock’s IBIT logged the highest net inflow of $150.5 million, followed by Fidelity’s fund which added $44.8 million to its fund. Spot ETFs from VanEck and Bitwise saw inflows in the range of three to five million dollars.
In total, the 11 U.S. spot bitcoin ETFs saw a combined net inflow of about $39.47 million, SoSoValue data showed.
Bitcoin price fall
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The outflows in spot bitcoin ETFs coincided with bitcoin’s price slip on Tuesday. The world’s largest cryptocurrency was trading at $65,881 at 11:30 p.m. EST on Tuesday, down 1.4% in the past 24 hours, according to The Block’s price page . Bitcoin dropped over 6.6% over the past seven days.
Bitcoin halving is expected to take place later this month, which has been a bearish event historically but was followed by a long-term bullish cycle, Justin d'Anethan, head of APAC business development at Keyrock, told The Block on Monday.
Morgan Creek Capital Management CEO Mark Yusko said in a previous interview with CNBC that halving will bring a lot of interest into bitcoin and stir up FOMO (or fear of missing out) among investors, and eventually lead the cryptocurrency’s value up to $150,000 by the year-end.
Meanwhile, the GMCI 30 Index , representing the selection of the top 30 cryptocurrencies, fell 1.2% in the last 24 hours.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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