Bitcoin ETF: Ark Invest and Bitwise’s Trading Volume are “Blockbuster-Level Success”

Bitcoin ETFs have had a shaky start with massive outflows in the first few days of trading. However, two of the ETFs that crossed a fund inflow of half a billion emerged as a silver lining in the dark clouds. These two ETFs, i.e. Ark Invest and Bitwise, have seen a net fund inflow of $533.8 million and $537.4 million, respectively.

Bloomberg analyst calls ARK and Bitwise Bitcoin ETF a “blockbuster-level success”

Out of the blues Ark Investment and Bitwise’s Bitcoin ETFs have seen an upscale in their fund inflows for the first nine days. Both Ark and Bitwise’s Bitcoin ETFs saw a net fund inflow of $533.8 million and $537.4 million, respectively for the first nine days of trading.

Bloomberg analyst Eric Balchunas says that for any normal launch in the first month that’s considered blockbuster-level success.

The “newborn nine” struggle to carry forward

The debut of Bitcoin ETFs saw a massive $4 billion in trading volumes. However, since then the market has been a bit in the doldrums and waiting to pick up.

Previously, on January 22, Grayscale’s withdrawals spiked to an astounding $640.50 million net withdrawal. Its current net outflow is $3.4 billion as a result. On the seventh day of trading, there was a net outflow of $87.20 million from all 12 Spot Bitcoin ETFs. Moreover, up to this time, $1.09 billion has been invested in these ETFs. However, the enormous $3.4 billion outflow from GBTC has had a major impact on the measure of inflow.

Blackrock provided the sole trade update that was good. The net inflow for Blackrock’s Bitcoin ETF was $260.60 million, with a total AUM of $1.6 billion.

Will the market rebound?

The ripple effect of dicey ETFs also saw its effect on other assets. The waning hype of Bitcoin ETF saw JP Morgan downgrading Coinbase’s rating to an “underweight” from “neutral”.

The pressured ETFs have also put the price of Bitcoin into a see-saw. Since its debut, the price of Bitcoin has also frequently fallen below $40,000. Contrary to the fall, the market was pacing bets on seeing it rise above $50,000 after the approval. Thus, there are several dangers associated with fresh investment prospects that need to be taken into account.

As such the Bitcoin ETF trading volume and fund inflows are expected to rise after a certain point, and it still is too soon to judge the sector just by analyzing the first nine days of trading.

Other factors that can affect the prices of Bitcoin and other related assets are the impending Bitcoin Halving, Ethereum ETH approval, and the Fed rate trajectory.

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Nausheen Thusoo

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