ARK 21Shares‘ spot Bitcoin exchange-traded fund (ETF) achieved a record entry of $201.8 million on March 27, nearly quintupling its average daily entries despite Bitcoin‘s failure to reach $72,000. Preliminary data from Farside Investors revealed that the daily entry for the ARK 21Shares Bitcoin ETF on March 27 was four times higher than the daily average of $43.9 million since its launch on January 11.
What’s Happening on the ETF Front?
In addition, ARK Invest saw an inflow of $73.6 million the previous day, nearly tripling, while no entries were recorded on March 25. Meanwhile, Valkyrie Bitcoin ETF (BRRR) recorded an inflow of $5.1 million, Invesco Galaxy Bitcoin ETF (BTCO) $4.8 million, Franklin Bitcoin ETF (EZBC) $4 million, and VanEck Bitcoin ETF (HODL) $1.9 million.
Both WisdomTree Bitcoin ETF (BTCW) and Fidelity Investments Bitcoin ETF (FBTC) reported an inflow of $1.5 million each. Bitcoin reached $71,670 before closing the day at $69,698. According to CoinMarketCap data at the time of writing, Bitcoin was trading at $69,756.
ETF Commentary from Expert Analysts
Meanwhile, crypto commentators have started to claim that investors are too caught up in Bitcoin’s short-term price volatilities instead of considering a broader perspective. Crypto researcher Gumshoe, in a post published on March 28, told his 28,900 followers that investors prefer a micro perspective by focusing on daily price closings rather than considering the real fund flow into Bitcoin.
“Bitcoin ETF funds are seeing ATH entries and people panic over a daily candle close.”
Matt Hougan, Chief Investment Officer at Bitwise, stated in a post published on March 27 that most professional investors, especially in the United Kingdom where the FCA is still largely against crypto, still cannot buy Bitcoin ETF funds:
“The fact is that most professional investors still can’t buy Bitcoin ETF funds. This will change with over 100 individual case assessments in the next two years.”
Popular crypto commentator Bitcoin Munger told his 31,800 followers that he believes the next $13 billion entry could add $50,000 to $70,000 or more to the price. Since the beginning of the year, investment products like spot Bitcoin ETF funds have seen a total new capital inflow of $13.2 billion.
