Ark Invest’s spot bitcoin ETF sees daily net outflow of $87 million

Ark Invest 21Shares’ ARKB fund saw net outflows of $87.5 million on Tuesday, the highest since its debut, according to data from SoSoValue. 

The amount surpasses outflows seen from Grayscale’s GBTC, which recorded $81.9 million on the same day. Just on Monday, ARKB experienced net outflows for the first time since its debut. Notably, ARKB has had a cumulative net inflow of $2.2B to date, according to SoSoValue data.

BlackRock’s IBIT logged the highest net inflow of $150.5 million, followed by Fidelity’s fund which added $44.8 million to its fund. Spot ETFs from VanEck and Bitwise saw inflows in the range of three to five million dollars.

In total, the 11 U.S. spot bitcoin ETFs saw a combined net inflow of about $39.47 million, SoSoValue data showed.

Bitcoin price fall

The outflows in spot bitcoin ETFs coincided with bitcoin’s price slip on Tuesday. The world’s largest cryptocurrency was trading at $65,881 at 11:30 p.m. EST on Tuesday, down 1.4% in the past 24 hours, according to The Block’s price page. Bitcoin dropped over 6.6% over the past seven days.

Bitcoin halving is expected to take place later this month, which has been a bearish event historically but was followed by a long-term bullish cycle, Justin d’Anethan, head of APAC business development at Keyrock, told The Block on Monday.

Morgan Creek Capital Management CEO Mark Yusko said in a previous interview with CNBC that halving will bring a lot of interest into bitcoin and stir up FOMO (or fear of missing out) among investors, and eventually lead the cryptocurrency’s value up to $150,000 by the year-end. 

Meanwhile, the GMCI 30 Index, representing the selection of the top 30 cryptocurrencies, fell 1.2% in the last 24 hours.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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