Ark Invest’s ARKB ETF Surpasses $1 Billion in Bitcoin Holdings
On February 9, Ark Invest announced that its ARKB ETF had reached a significant milestone, surpassing $1 billion in Bitcoin holdings. The company hailed this achievement as a testament to the growing trust and interest in digital assets. Bloomberg ETF analyst James Seyffart commented on the milestone, suggesting that Ark had a substantial flow day on Friday. He also mentioned that Bitwise’s BITB is currently valued at around $830 million, indicating that they are not far behind ARKB.
According to Farside, Ark 21Shares also experienced a substantial day with $135.5 million in BTC inflows. Fidelity, another major player, saw a significant inflow day with $188.4 million, the highest for the firm in that week. Grayscale, however, witnessed outflows, although the outflow numbers have significantly slowed down. On Friday, $51.8 million in BTC left the fund, which was the lowest outflow figure for the week. The flow numbers for BlackRock had not been reported at the time of writing.
Fellow ETF analyst Eric Balchunas posted a chart of the top 25 ETFs by assets after one month on the market, out of a total of 5,535 launches over the past 30 years. He highlighted that BlackRock and Fidelity stood out from the rest, with over $3 billion each and still not trading for a full month. This indicates a clear demand for Bitcoin-based ETFs compared to other asset classes.
In other news, Nate Geraci, the President of ETF Store, revealed that there would be no Bitcoin ETF advertising during this year’s Super Bowl. Geraci noted that this was not unexpected given the high cost and low ETF expense ratios. However, he mentioned that such advertising would have generated significant buzz.
Crypto markets concluded the week on a positive note, gaining $150 billion since Monday, February 5. Total capitalization reached $1.87 trillion, its highest level since April 2022. Bitcoin prices reached a monthly high of $48,000 on Friday before experiencing a slight retreat over the weekend. The asset is currently approaching resistance levels that it was unable to surpass last month when the Bitcoin ETFs were launched, sparking speculation about whether this time will be different.
Analyst comment
Positive news:
– Ark Invest’s ARKB ETF surpassing $1 billion in Bitcoin holdings is seen as a significant milestone and a testament to the growing interest in digital assets.
– Fidelity and Ark 21Shares also experienced substantial inflows, showing ongoing investor confidence in Bitcoin.
– The crypto market gained $150 billion throughout the week, reaching its highest level since April 2022.
Negative news:
– Grayscale witnessed outflows, although at a slower rate.
– Bitcoin prices experienced a slight retreat over the weekend.
– No Bitcoin ETF advertising during the Super Bowl, missing an opportunity for significant buzz.
Neutral news:
– Bitwise’s BITB is valued around $830 million, indicating strong competition with ARKB.
– BlackRock’s flow numbers were not reported.
– Speculation arises about whether Bitcoin can surpass resistance levels this time.
Market forecast: The market is expected to remain bullish due to the increasing interest in Bitcoin and the positive sentiment surrounding the crypto market. Bitcoin’s performance will be closely watched, and attempts to surpass resistance levels will be monitored.
