Bitcoin Exchange-Traded Funds (ETFs) such as ARK 21Shares and Fidelity concluded an 8-day capital outflow trend by registering an entry of $369.7 million. This capital influx coincided with Bitcoin’s price rebound from $78,940 on February 28. The price surged to $85,000 and is currently trading around $86,143. ARKB, an ARK 21Shares fund, recorded an inflow of $193.7 million, while Fidelity’s FBTC fund witnessed an entry of $176 million. Conversely, Bitcoin BlackRock’s (IBIT) ETF had an outflow of $244.6 million. Other funds like Bitwise (BITB) and Grayscale Bitcoin Trust (BTC) had inflows of $4.6 million and $5.6 million respectively. Despite the halt in capital outflow, a net inflow of $94.3 million seems insignificant compared to the $3.26 billion outflow between February 18-27. The worst day of this period was February 25, registering a record outflow of $1.13 billion from Bitcoin ETFs. Nonetheless, experts believe the price drop in Bitcoin in February created an ideal buying opportunity. Matt Hogan, Bitwise’s Senior Investment Manager, described this timeframe as the ‘best historical opportunity to buy Bitcoin.’ Jake Chervinsky, Variant’s Legal Director, pointed to improved regulatory conditions and increased interest from traditional financial institutions in the crypto market. You can monitor the prices of all tokens and cryptocurrencies live on the digital currency’s live price page.
