News

ARK 21Shares Bitcoin ETF Attracts Over $113M Inflows

Key Points:

  • Spot Bitcoin ETFs in the U.S. saw net inflows of $272.3 million on September 26, extending a six-day streak that totalled over $500 million, led by the ARK 21Shares Bitcoin ETF with $113.8 million.
  • While other ETFs like FBTC and IBIT attracted substantial inflows, Grayscale’s GBTC reported a decline of $7.7 million.
U.S. spot Bitcoin exchange-traded funds net inflows reached $272.3 million on September 26, marking a run of six consecutive days of inflows of more than $500 million.

Read more: ARK 21Shares Bitcoin ETF Chooses Anchorage as New Custodian

ARK 21Shares ETF Leads with Record Inflows Amid Market Activity

According to data from Farside Investors, the largest inflow came into the ARK 21Shares Bitcoin ETF with $113.8 million coming in. This was followed by Fidelity’s Wise Origin Bitcoin Fund recorded $74 million in inflows, while the BlackRock ETF saw inflows of $50.4 million. On the other side, Grayscale’s GBTC suffered a slight setback with $7.7 million in outflows.

While the inflows for the ARK 21Shares Bitcoin ETF have been relatively stable compared to its peers, the trading session on the 26th yielded record inflows, thus underpinning heightened demand for a Bitcoin ETF. Furthermore, Cathie Wood’s ARK Invest has been busy on the market-disclosing notable trades that included buying shares of PayPal and Pinterest, alongside trimming its stake in the ARK 21Shares Bitcoin ETF.

Bitcoin Price Moves Up With Federal Rate Cut

Accompanying those inflows was a 2.6% gain in the price of Bitcoin over the past 24 hours to $65,090 at the time of writing. It came as the recent decision of the Federal Open Market Committee to cut interest rates by 50 basis points tends to raise demand for riskier assets such as Bitcoin, adding to a bull run.

Significantly, the large inflows into spot Bitcoin ETFs, taken together with favourable market movements, reflect positive sentiment toward investments in Bitcoin, perhaps a forerunner to growth in the cryptocurrency sector as investors learn to adapt to changed economic conditions.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024

Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…

29 minutes ago

Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum

Best Cryptos to Buy in December 2024: Qubetics ($TICS) presale explodes, Ethereum (ETH) eyes a…

3 hours ago

USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products

Palo Alto, California, 21st November 2024, Chainwire

6 hours ago

Best Cryptos to Buy: Qubetics Set to Rise, Bitcoin Knocks at $100k Milestone, Avalanche to Release 1.67M Tokens

Best Cryptos to Buy: Qubetics presale rockets ahead, Bitcoin nears $100k, and Avalanche prepares to…

6 hours ago

Ike Goes Live on Mainnet: Unlocking Liquid Staking on Aleph Zero

London, United Kingdom, 21st November 2024, Chainwire

7 hours ago

Native USDC on Aptos Coming Soon to Boost DeFi and P2P Transactions

The move will see developers utilize USDC on Aptos in creating dApps on a wide…

7 hours ago

This website uses cookies.