Ark 21Shares Becomes Third Bitcoin ETF to Top $1 Billion After Big Inflow Day
The Ark 21Shares ARKB spot Bitcoin exchange-traded fund has become the third to cross a billion dollars in assets under management.
On Feb. 9, Ark Invest reported that its ARKB ETF had crossed $1 billion in Bitcoin holdings. “This isn’t just a number – it’s a testament to the growing trust and interest in digital assets,” it stated.
The milestone was also commented on by Bloomberg ETF analyst James Seyffart, who said it suggests that Ark had a big flow day on Friday.
“Bitwise’s BITB on price appreciation alone is around $830 million right now,” he said before adding, “They’re probably relatively close behind ARKB.”
According to Farside , Ark 21Shares did indeed have a big day with $135.5 million in BTC inflows.
Appears we have a 3rd US spot #Bitcoin ETF to cross the $1 billion mark. https://t.co/iBtr1iUfrW
— James Seyffart (@JSeyff) February 9, 2024
Bitcoin ETF Inflows
Preliminary figures indicate that Fidelity also had a big inflow day with $188.4 million, the highest for the firm this week.
Grayscale continues to see outflows, but they have slowed considerably. On Friday, around $51.8 million in BTC left the fund, the lowest outflow figure for the week.
Flow numbers for BlackRock had not been reported at the time of writing.
On Feb. 9, fellow ETF analyst Eric Balchunas posted a chart of the top 25 ETFs by assets after one month on the market out of 5,535 total launches over the past 30 years.
BlackRock (IBIT) and Fidelity (FBTC) were “in a league of their own,” he said . They both have more than $3 billion each and have not been trading for a full month yet. This shows that there is a clear demand for Bitcoin-based ETFs compared to other asset classes.
Here’s a look at the Top 25 ETFs by assets after 1 month on the market (out of 5,535 total launches in 30yrs). $IBIT and $FBTC in league of own w/ over $3b each and they still have two days to go. $ARKB and $BITB also made list. pic.twitter.com/Yyi1nxukUk
— Eric Balchunas (@EricBalchunas) February 8, 2024
On Feb. 10, ETF Store President Nate Geraci reported that there would be no Bitcoin ETF advertising at this year’s Superbowl on Sunday, Feb. 12.
This is not a huge surprise “given the cost and paltry ETF expense ratios,” but would have created “enormous buzz,” he said.
Crypto Markets Push Higher
Crypto markets have ended the week in the green, gaining $150 billion since Monday, Feb 5. Total capitalization was up to $1.87 trillion at the time of writing, its highest level since April 2022.
Bitcoin prices tapped a monthly high of $48,000 in late trading on Friday before retreating a little into the weekend.
The asset is currently close to resistance levels it could not overcome last month when the Bitcoin ETFs were launched, could this time be different?
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Tesla Cybertruck: From Cracked Windows to Production Halt, a Three-and-a-Half Year Journey Ends
Since its launch in 2019, Cybertruck has been mired in controversy—ranging from a failed window demonstration on release day, a four-year delay in mass production, and its price rising from $39,900 to more than $100,000, along with a total of 11 recalls. The day before the halt of production was announced, Tesla raised the price once again, bringing a dramatic and intriguing end to the saga of this vehicle.
AI capital expenditure “peaks”; is the US economy also “peaking”?
Democrats to destroy the data center boom? Goldman Sachs bucks the trend with an upgrade forecast!
Goldman Sachs has raised its forecast for US data center construction spending against the trend, increasing the 2026 projection from $67 billion to $80 billion and, for the first time, projecting $125 billion for 2028. Despite the market panic caused by Texas's moratorium, Goldman Sachs believes this is essentially a delay rather than a termination, and the overall construction cycle remains resilient. However, highly leveraged developers face substantial risks from rising financing costs and contract cancellations.
Crypto prices
More
