Grayscale’s Bitcoin ETF No Longer in Lead by Daily Outflows

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Ark Invest's ARKB has somehow managed to surpass GBTC in daily outflows

This comes as the price of Bitcoin is struggling to regain momentum. Earlier today, it crashed to as low as $64,673, according to CoinGecko data. , Bitcoin ETFs managed to trade an eye-popping $111 billion in March. However, they are unlikely to match this volume in April due to waning demand. That said, it is worth mentioning that Bitcoin ETFs still experienced $38.8 million in net inflows on Apr. 2. BlackRock's IBIT, of course, accounts for the majority of inflows.

As noted by trading firm Arbelos Markets, bots are capable of placing orders based on scraped ETF data. Hence, this could have a significant influence on the market. The fact that Bitcoin's performance was particularly strong in early March when inflows were strong supports this theory. At the same time, leading analyst Eric Balchunas recently dismissed the impact of Bitcoin ETFs on the price of the largest cryptocurrency, arguing that there are bigger forces in play. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.

 

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