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.
