Bitcoin ETFs attract investments despite cryptocurrency market volatility

The ARK 21Shares Bitcoin ETF (ARKB) experienced net outflows totaling 1,364, amounting to approximately $96.84 million, which decreased its total holdings to 48,939 BTC, or $3.47 billion. Conversely, Lookonchain reported that on June 7, nine different ETFs saw a notable increase of 3,689 BTC, equivalent to $261.91 million, reflecting strong investor confidence, particularly in BlackRock’s and Fidelity’s products.

This influx overshadowed the outflow from ARK 21Shares. The Valkyrie Bitcoin Fund (BRRR) remained neutral on July 7, while the Franklin Bitcoin ETF (EZBC) recorded zero net flows.

Over the course of seven days, BlackRock’s Bitcoin ETF saw the best performance, with a net inflow of 13,482 BTC. Fidelity’s Wise Origin Bitcoin Fund ranked second, managing to pull in 9,729 BTC with a market value of more than $671 million.

In third place was ARKB, which, despite the decrease on the previous day, still saw a seven-day net inflow of 1,764 BTC worth an estimated $121 million. Other ETFs, including the VanEck Bitcoin Trust ETF (HODL) and Valkyrie Bitcoin Fund, contributed smaller amounts, with weekly net inflows of $7.7 million and $1.5 million, respectively.

BlackRock remains the largest BTC ETF with over $21 billion worth of Bitcoins. In the past 24 hours, BTC experienced a minor decline of 0.9%, trading at $69,465, with a market cap of $1.36 trillion and a market dominance of roughly 51.1%.

Leave a Reply

Your email address will not be published. Required fields are marked *