Ark Invest's 21Shares ARKB fund experienced significant net outflows totaling $87.5 million on Tuesday, recording its highest daily outflow since its inception.
Ark Invest's Bitcoin ETF Witnesses Record Outflow of $87 Million in a Single Day
The outflow amount surpassed Grayscale's GBTC, which recorded an outflow of $81.9 million on the same day.
Notably, just a day ago, ARKB experienced net outflows for the first time since its launch. However, despite recent outflows, ARKB has generated cumulative net inflows of $2.2 billion to date.
In comparison, BlackRock's IBIT observed the highest net inflow at $150.5 million, followed by Fidelity's fund, which added $44.8 million to its assets under management. VanEck and Bitwise spot ETFs also experienced inflows ranging from three to five million dollars.
Overall, it revealed that the 11 US spot Bitcoin ETFs collectively witnessed combined net inflows of approximately $39.47 million.
Market sentiment continues to be mixed with the Bitcoin halving event expected to take place towards the end of this month.
Justin d'Anethan, head of APAC business development at Keyrock, noted that historically halving events have been followed by periods of decline, but then lead to long-term up cycles.
Mark Yusko, CEO of Morgan Creek Capital Management, expressed optimism about the halving in a previous interview with CNBC, predicting that Bitcoin's value will reach $150,000 by the end of the year, anticipating increased investor interest and potential FOMO (fear of missing out).
*This is not investment advice.
