Cathie Wood’s Bitcoin ETF Hits Daily Inflow Record as BTC Reaches Near $72K

Coinnounce Team -

The ARK 21Shares Bitcoin ETF achieved a record daily inflow of $201.8 million on Wednesday, nearly quintupling its average daily inflows. This surge in inflows comes as Bitcoin almost reached $72,000.

Massive Inflows:

Preliminary data from Farside Investors showed that the ARK 21Shares Bitcoin ETF's daily inflow was almost five times its daily average of $43.9 million since its launch on Jan. 11. This record inflow nearly tripled the amount from the previous day, which saw inflows of $73.6 million, while no inflows were recorded on March 25.

Other ETF Performances:

The Valkyrie Bitcoin ETF (BRRR) experienced $5.1 million in inflows, the Invesco Galaxy Bitcoin ETF (BTCO) saw $4.8 million, the Franklin Bitcoin ETF (EZBC) had $4 million, and the VanEck Bitcoin ETF (HODL) noted $1.9 million in inflows. Both the WisdomTree Bitcoin ETF (BTCW) and Fidelity Investments Bitcoin ETF (FBTC) reported $1.5 million in inflows.

Bitcoin Price Movement:

Bitcoin briefly touched $71,670 before retracing below the $69,000 support level, closing the day at $69,698. Currently, Bitcoin is trading at $69,464.

Investor Sentiment:

Despite Bitcoin's price volatility, some analysts believe that investors are too focused on short-term price movements. Crypto researcher Gumshoe noted that investors are fixated on daily price closures rather than considering the actual influx of funds into Bitcoin.

Professional Investors' Perspective:

Bitwise's chief investment officer, Matt Hougan, mentioned that most professional investors, especially in the UK, are still unable to buy Bitcoin ETFs due to regulatory constraints. However, he believes this will change over the next two years as more due diligence processes are completed.

Conclusion:

The record inflow into the ARK 21Shares Bitcoin ETF and other spot Bitcoin ETFs indicates continued investor interest in Bitcoin despite short-term price fluctuations. This trend suggests a growing acceptance of Bitcoin as an investment asset class.