ARK 21Shares’ Bitcoin exchange-traded fund (ETF) experienced a significant increase in inflows, reaching a record $201.8 million on Wednesday. This is nearly five times its average daily inflows, coinciding with Bitcoin’s failed attempt to reach $72,000.
According to preliminary data from Farside Investors, the ARK 21Shares Bitcoin ETF’s daily inflow on March 27 was four times higher than its daily average of $43.9 million since its launch on January 11. This marks a significant increase compared to the previous day’s inflows of $73.6 million, as there were no recorded inflows on March 25.
The Valkyrie Bitcoin ETF (BRRR) saw inflows of $5.1 million, while the Invesco Galaxy Bitcoin ETF (BTCO), Franklin Bitcoin ETF (EZBC), and VanEck Bitcoin ETF (HODL) experienced inflows of $4.8 million, $4 million, and $1.9 million, respectively. The WisdomTree Bitcoin ETF (BTCW) and Fidelity Investments Bitcoin ETF (FBTC) reported single-digit inflows of $1.5 million each. However, there is no available data from BlackRock at the time of writing.
Bitcoin’s price reached $71,670 before dropping below the $69,000 support level and closing the day at $69,698. Currently, Bitcoin is priced at $69,464, as per CoinMarketCap data.
Crypto commentators have raised concerns about investors’ fixation on Bitcoin’s short-term price fluctuations instead of considering the bigger picture. In a post on X, crypto researcher Gumshoe emphasized that investors are focusing too much on daily price closures rather than the actual influx of funds into Bitcoin, despite the record inflows in Bitcoin ETFs.
In another post on X, Bitwise’s chief investment officer, Matt Hougan, highlighted that the majority of professional investors are still unable to invest in Bitcoin ETFs, particularly in the United Kingdom, where regulatory authorities are cautious about cryptocurrencies. However, he believes that this will change in the next two years as institutional investors complete their due diligence processes.
Bitcoin Munger, a popular crypto commentator, expressed his belief that the next $13 billion of inflows could significantly impact Bitcoin’s price, potentially adding $50,000 to $70,000 or even more.
In previous reports, it was revealed that investment products, including spot Bitcoin ETFs, have attracted a total of $13.2 billion in new capital year-to-date.
According to Bitcoin Man, a renowned figure in the crypto industry, China’s involvement will further drive the Bitcoin bull run, with a predicted price of $1 million by 2028.