The U.S. Spot Bitcoin ETF outflows narrowed to $34.4 million on Thursday, May 2. This marks a significant reversal from Wednesday’s gigantic outflow of over $563 million. Moreover, the recent rebound came amid a broader market recovery as the Bitcoin (BTC) price inched closer to $60,000, rebounding from the recent correction.
Bitcoin ETF Outflows Slow Down
According to data by Farside UK, the Grayscale Bitcoin Trust (GBTC) again led the outflows with $54.9 million drained out. Hence, the GBTC outflows have totalled to 327,000 BTC since inception. Despite the broader negative flow, notable inflows were observed into the Ark 21Shares Bitcoin ETF (ARKB).
ARK bought the dip in Bitcoin price with $13.3 million inflows, suggesting continued interest from institutional players. Meanwhile BlackRock’s IBIT Bitcoin ETF recorded zero flows again with Fidelity’s FBTC mirroring the move.
However, Valkyrie’s BRRR ETF recorded a net inflow of $2.3 million. Whilst, Franklin Templeton’s EZBC Bitcoin ETF tailed ARKB with $3.4 million influx on Thursday. In addition, Invesco Galaxy’s BTCO ETF recorded an inflow of $1.5 million.
Earlier, the BlackRock’s IBIT ETF witnessed the first day of outflows on Wednesday with $36.7 million withdrawn. Moreover, the Fidelity Bitcoin ETF overshadowed GBTC outflows for the first time with a negative flow of $191.1 million while the latter registered a net outflow of $167.4 million.
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Hong Kong ETF Inflow & Market Recovery
The crypto market also witnessed resilience as Bitcoin’s price rebounded from $56,500 to $60,000, indicating underlying support despite outflow concerns. This price recovery reflects ongoing investor confidence in Bitcoin’s long-term prospects despite short-term fluctuations. Furthermore, Ethereum (ETH) topped $3,000 and the other altcoins followed with notable gains.
In contrast to the outflow trend in traditional ETFs, the Hong Kong ETF market presented a different narrative. Official inflow numbers for Hong Kong ETFs revealed a significant $248 million under management. Notably, these ETFs allow in-kind contributions, enabling direct deposits of Bitcoin instead of solely relying on market purchases. This unique feature offers flexibility to investors and potentially contributes to the growing popularity of crypto ETFs.
Additionally, news of Europe’s BNP Paribas investing in the BlackRock Bitcoin ETF boosted investor confidence. Though the bank invested a modest amount of $41,684 in IBIT, it signals growing institutional interest and positive exposure for the crypto market.
Also Read: European Bank With $600B AUM Invests In BlackRock Bitcoin ETF
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cathie Wood’s asset management firm Ark Invest continues to offload parked holdings in ProShares Bitcoin Strategy ETF (BITO) to invest in its newly launched Ark 21Shares spot Bitcoin ETF (ARKB). ETF experts believe it could be a matter of time before Ark Invest brings its active fund management strategy to entire crypto exchange-traded funds (ETFs).
Cathie Wood’s Ark Invest Buys ARKB Spot Bitcoin ETF Units
On January 19, Cathie Wood’s Ark Invest sold 510,337 shares of ProShares Bitcoin Strategy ETF (BITO) valued at approximately $10 million and 45,052 AMD shares worth 7.8 million to purchase 316,526 Ark 21Shares Bitcoin ETF (ARKB) units worth more than $13 million.
Cathie Wood reduced units of ProShares Bitcoin Strategy ETF again from ARK Next Generation Internet ETF (ARKW) as part of the strategy to increase holdings in Ark 21Shares spot Bitcoin ETF.
On January 18, ARK Next Generation Internet ETF (ARKW) sold 758,915 BITO units worth $15 million to buy 365,695 units of Ark 21Shares spot Bitcoin ETF (ARKB) worth $15 million. Also, on Jan 16, ARKW sold 757,664 BITO units worth $15.8 million to buy 365,427 Ark 21Shares Bitcoin ETF (ARKB) shares worth $15.8 million.
Thus, ARKW has purchased 1.04 billion ARKB units worth $43 million in a week.
ProShares Bitcoin Strategy ETF (BITO) price closed 1.88% higher at $20.09 on Friday. BITO price dropped 9.26% in this week amid spot Bitcoin ETF outflow and selling by ARKW.
Ark 21Shares Bitcoin ETF (ARKB) price closed 1.90% higher at $41.73. It also saw a 3.56% fall this week. As per Ark Invest data until Jan 19, ARKB has Bitcoin worth $309.66 million.
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Cathie Wood Is Bullish on Bitcoin
Cathie Wood reiterated her bullish case on Bitcoin, claiming that the Bitcoin network is much larger than the combined size of the cloud infrastructure built by Amazon, Google, and Microsoft over the last 15-20 years. Elon Musk reacted to her post saying “Wow.”
BTC price jumped 1% in the past 24 hours, with the price currently trading at $41,659. The 24-hour low and high are $40,297 and $42,134, respectively. Furthermore, the trading volume has decreased by 13% in the last 24 hours, indicating a decline in the interest of traders.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin bull Cathie Wood on Friday reiterated her bullish case on Bitcoin, with Elon Musk agreeing with her. Wood hails the Bitcoin network – much larger than the combined size of the cloud infrastructure built by Amazon, Google, and Microsoft over the last 15–20 years.
Meanwhile, Cathie Wood’s Ark fund has further offloaded holdings in ProShares Bitcoin Strategy ETF (BITO) to invest in Ark 21Shares spot Bitcoin ETF (ARKB).
Elon Musk Reacts To Cathie Wood’s Bitcoin Network Comments
Ark Invest CEO Cathie Wood on January 19 said Bitcoin is backed by the largest computer network in the world, reiterating her bullish outlook on Bitcoin. She claims that the Bitcoin network is larger than the combined size of the clouds that Amazon, Google, and Microsoft have built over the last 15-20 years.
Wow
— Elon Musk (@elonmusk) January 19, 2024
Wood cited Ark Investment director of digital assets Yassine Elmandjra’s data on Bitcoin hash rate hitting an all-time high above 500 exahashes/s in January. “For every star in our galaxy, the Bitcoin network is calculating 5 billion computations per second. It would take ~2000 years for the entire global population, each performing one hash/second, to match the Bitcoin network’s hash rate,” said Elmandjra, while sharing some factors of the magnitude of the Bitcoin network.
Also Read: Grayscale’s GBTC Records $580 Mln Net Outflow On Day 5
Ark Invest Sells BITO To Buy ARKB Spot Bitcoin ETF
On January 18, ARK Next Generation Internet ETF (ARKW) sold 758,915 shares of ProShares Bitcoin Strategy ETF (BITO) worth $15 million to buy 365,695 shares of Ark 21Shares spot Bitcoin ETF (ARKB) worth $15 million.
ProShares Bitcoin Strategy ETF (BITO) price closed on Thursday at $19.72, down 4.64%. Whereas, Ark 21Shares Bitcoin ETF (ARBK) price also closed 4.46% lower at $40.95.
Cathie Wood continues to double down on its recently listed spot bitcoin ETF as part of the strategy to increase holdings in its Ark 21Shares spot Bitcoin ETF. On Jan 16, ARKW sold 757,664 shares of ProShares Bitcoin Strategy ETF (BITO) valued at approximately $15.8 million to purchase 365,427 Ark 21Shares Bitcoin ETF (ARKB) worth $15.8 million.
ARKB recorded $41.8 million inflow, as per the data by BitMEX Research. Total outflow for 11 spot Bitcoin ETF was $131.6 million on day 5, with massive $579.6 million outflow in GBTC.
In December, ARKW bought 4.32 million shares of ProShares Bitcoin Strategy ETF (BITO) by completely offloading its holdings in Grayscale Bitcoin Trust (GBTC).
Also Read: Crypto Market Selloff — Here’s Why BTC, ETH, SOL, XRP, LUNC Falling Today
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Asset management firm Ark Invest founded by Cathie Wood has offloaded holdings in ProShares Bitcoin Strategy ETF (BITO). The move comes as Ark Invest looks to increase its holdings in the Ark 21Shares Spot Bitcoin ETF (ARKB) from funds earlier parked in the ProShares Bitcoin Strategy ETF, strategically readjusting in response to evolving market conditions.
Cathie Wood’s Ark Invest Buys Units in ARKB Spot Bitcoin ETF
On January 16, Cathie Wood’s Ark Invest sold 757,664 shares of ProShares Bitcoin Strategy ETF (BITO) valued at approximately $15.8 million to purchase 365,427 Ark 21Shares Bitcoin ETF (ARKB) worth $15.8 million.
Cathie Wood reduced units of ProShares Bitcoin Strategy ETF through ARK Next Generation Internet ETF as part of the strategy to increase holdings in Ark 21Shares spot Bitcoin ETF. She recently targeted $4 billion in its own Ark21Shares Bitcoin ETF (ARKB).
BITO price closed on Tuesday at $20.91, down 0.71%. Whereas, Ark 21Shares Bitcoin ETF (ARBK) price also closed 0.80% lower at $43.51.
Before the spot Bitcoin approval, ARK Next Generation Internet ETF (ARKW) purchased 20,000 shares of the ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA). ARKW also bought 4.32 million shares of ProShares Bitcoin Strategy ETF (BITO) by completely offloading its holdings in Grayscale Bitcoin Trust (GBTC). Bloomberg Intelligence analyst Eric Balchunas said the move is probably a “temporary parking spot.” Ark Invest and institutions use highly liquidity ETFs for transitions similarly.
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Cathie Wood’s Target For Bitcoin
ARKW still has enough shares of ProShares Bitcoin Strategy ETF to meet its target for its spot Bitcoin ETF. The crypto market conditions have worsened after the spot Bitcoin ETFs started to trade on Wall Street on January 11.
Cathie Wood’s Ark Invest funds are also offloading massive holdings in Coinbase (COIN) to buy other shares, including Tesla (TSLA).
Cathie Wood has reiterated her bullish case for BTC price hitting $1.5 million in 2030. Other experts also beleive BTC price surpassing $100K after Bitcoin halving in April.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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