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Read more: ARK 21Shares Bitcoin ETF Chooses Anchorage as New Custodian
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.
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.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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