cat in a dogs world (mew) 
On March 28, The ARK 21Shares Bitcoin ETF saw a remarkable $243.5 million in investments, which is over five times its usual daily intake, as Bitcoin approached the $72,000 mark. Insights from Farside Investors revealed that on March 27, the inflow into the ARK 21Shares Bitcoin ETF surged to four times its average daily inflow since its launch on January 11. This influx nearly tripled the previous day’s inflow and outpaced the lack of inflow scenario on March 25.
In comparison, Blackrock’s Bitcoin ETF (IBIT) experienced an even more impressive inflow of $323.8 million. Other Bitcoin ETFs like Valkyrie Bitcoin ETF (BRRR), Invesco Galaxy Bitcoin ETF (BTCO), Franklin Bitcoin ETF (EZBC), and VanEck Bitcoin ETF (HODL) also attracted new investments, albeit at a lower scale. WisdomTree Bitcoin ETF (BTCW) and Fidelity Investments Bitcoin ETF (FBTC) reported more modest gains.
Bitcoin hit a high of $71,670 before dipping below $69,000 and settling at $69,698 by the end of the day. Currently, Bitcoin is priced at $70,783 according to CoinMarketCap.
Crypto analysts have been debating that the focus on Bitcoin’s daily price movements overshadows the significant trend of substantial investments flowing into Bitcoin. With Bitcoin ETFs experiencing record inflows, the concern over daily price movements may be misplaced.
Bitwise’s Chief Investment Officer Matt Hougan mentioned that many professional investors are still restricted from purchasing Bitcoin ETFs, especially in the UK due to cautious regulatory environments towards crypto. He believes that ETF flows will continue for years and that the landscape for Bitcoin ETF investments will gradually evolve through individual assessments.
As significant inflows into Bitcoin ETFs reflect growing institutional interest in cryptocurrency, ARK Invest’s CEO, Cathie Wood, has projected that Bitcoin’s price could potentially reach as high as $3.8 million. She believes that the SEC’s cautious approach to institutional Bitcoin investments could inadvertently boost its price. The launch of these financial products has led to a spike in demand, breaking previous US ETF investment records and renewing interest in Bitcoin.
Industry experts support Wood’s view that the upcoming Bitcoin halving event in April will lead to a supply shock, further boosting the ongoing demand-driven price rally.
