The most recent daily report shows that after losing $82 million, Grayscale’s GBTC is no longer the cryptocurrency with the most daily outflows.
Ark Invest’s ARKB, which had outflows of $88 million on April 2, exceeded it. At the same time, when Bitcoin’s price is trying to recover some lost ground, something happens. It hit a low of $64,673 earlier today, according to statistics from CoinGecko.
Speculative investment in Bitcoin ETFs reached a staggering $111 billion in March, according to U.Today. But with demand dwindling, they won’t be able to duplicate this volume in April.
However, it should be noted that Bitcoin ETFs did still have nett inflows of $38.8 million on April 2. Naturally, most of the inflows go into BlackRock’s IBIT. Second place goes to Fidelity’s FBTC.
The biggest cryptocurrency saw a steep decline in value on Tuesday. Bloomberg has reported that automated trading procedures in Asia were the primary cause of the decline in response to data from Bitcoin ETFs.
Bots may place orders using scraped ETF data, according to trading company Arbelos Markets. Therefore, this may greatly impact the market.
The fact that Bitcoin had a breakout performance at the beginning of March, when inflows were high, lends credibility to this idea.
But prominent expert Eric Balchunas recently said that other factors are more important than Bitcoin ETFs when it comes to determining the price of the biggest cryptocurrency.
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