Ark Invest's ETF Outflows Overtake Grayscale's as Bitcoin Struggles
ARKB ETF outflows surpass GBTC's amid Bitcoin's price dip, sparking market speculation
Ark Invest's ARKB has recently surpassed Grayscale's GBTC in daily fund outflows, with ARKB seeing $88 million exit its doors on April 2, compared to GBTC's $82 million.
This shift occurs as Bitcoin's price struggles, having dropped to $64,673 today, according to CoinGecko.
Despite a remarkable $111 billion traded in March for Bitcoin ETFs, expectations for April are dim due to reduced interest.
However, on April 2, Bitcoin ETFs still managed net inflows of $38.8 million, primarily thanks to BlackRock's IBIT and Fidelity's FBTC.
The recent fall in Bitcoin's price has been attributed to automated trading algorithms in Asia, which act on Bitcoin ETF data.
This insight, provided by Arbelos Markets, highlights how bots can influence market dynamics based on ETF information. This theory is supported by the fact that Bitcoin performed well in early March amid strong ETF inflows.
Contrary to this, analyst Eric Balchunas downplays the impact of Bitcoin ETFs on the cryptocurrency's market price, suggesting broader market forces at play.
This perspective offers a reminder of the complex factors that influence the volatile cryptocurrency market, beyond just ETF activities.
