CDS Crypto News Ark Invest spot Bitcoin ETF witnesses 87 million Dollars in daily net outflows
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Ark Invest spot Bitcoin ETF witnesses 87 million Dollars in daily net outflows

On Tuesday, the net daily outflows from Ark Invest 21Shares' ARKB amounted to $87.5 million, exceeding those of Grayscale's ETF.

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Ark Invest spot Bitcoin ETF witnesses 87 million Dollars in daily net outflows

Crypto News– On Tuesday, Ark Invest 21Shares’ ARKB fund experienced significant net outflows totaling $87.5 million, marking its highest outflow since its inception, according to data provided by SoSoValue. This outflow figure surpasses that of Grayscale’s GBTC, which recorded $81.9 million in outflows on the same day. It’s noteworthy that just the day before, ARKB witnessed net outflows for the first time since its launch. However, despite these recent outflows, ARKB has still managed to accumulate a cumulative net inflow of $2.2 billion to date, as reported by SoSoValue.

Ark Invest spot Bitcoin ETF witnesses 87 million Dollars in daily net outflows

In contrast, BlackRock’s IBIT saw the highest net inflow, amounting to $150.5 million, followed by Fidelity’s fund, which added $44.8 million to its assets. Additionally, spot ETFs from VanEck and Bitwise observed inflows ranging from three to five million dollars each.

Overall, data from SoSoValue indicates that the 11 U.S. spot Bitcoin ETFs collectively experienced a combined net inflow of approximately $39.47 million.

Drop in Bitcoin price

The outflows from spot Bitcoin ETFs coincided with a decrease in Bitcoin’s price on Tuesday. The world’s largest cryptocurrency was trading at $65,881 at 11:30 p.m. EST on Tuesday, marking a 1.4% decline in the past 24 hours, as reported by The Block’s price page. Over the course of the previous seven days, Bitcoin had experienced a drop of over 6.6%.

The upcoming Bitcoin halving, anticipated to occur later this month, historically tends to be a bearish event, as noted by Justin d’Anethan, head of APAC business development at Keyrock, in discussions with The Block on Monday. However, it has typically been followed by a long-term bullish cycle.

Mark Yusko, CEO of Morgan Creek Capital Management, highlighted in a previous interview with CNBC that the halving event is expected to generate significant interest in Bitcoin and evoke FOMO (fear of missing out) among investors. Yusko further predicted that this increased interest could propel the cryptocurrency’s value to $150,000 by the end of the year.

Ark Invest spot Bitcoin ETF witnesses 87 million Dollars in daily net outflows

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