On February 9, Ark Invest announced that its ARKB ETF had surpassed $1 billion in Bitcoin holdings. “This is not just a number, it is a testament to the growing trust and interest in digital assets,” he said.
This milestone was also commented on by Bloomberg ETF analyst James Seyffart, who said this suggests Ark had a strong flow day on Friday.
“Bitwise’s BITB, on price appreciation alone, is currently around $830 million,” he said before adding, “They’re probably relatively close behind ARKB.”
According to Farside, Ark 21Shares actually had a big day with $135.5 million in BTC inflows.
Bitcoin ETF Entries
Preliminary figures indicate that Fidelity also had a strong inflow day with $188.4 million, the highest for the company this week.
Grayscale continues to see releases, but they have slowed down considerably. On Friday, approximately $51.8 million in BTC left the fund, the lowest outflow figure of the week.
Flow figures for BlackRock had not been reported at the time of writing.
On February 9, ETF analyst Eric Balchunas published a chart of the top 25 ETFs by asset after a month of market trading on 5,535 total launches over the past 30 years.
BlackRock (IBIT) and Fidelity (FBTC) were “in a league of their own,” he said. They both have over $3 billion each and haven’t been trading for a full month yet. This shows that there is clear demand for Bitcoin-based ETFs compared to other asset classes.
On February 10, ETF Store President Nate Geraci reported that there would be no Bitcoin ETF advertising during this year’s Superbowl on Sunday, February 12.
It’s not a huge surprise “given the paltry cost and expense ratios of ETFs,” but it would have created “a huge buzz,” he said.
Crypto Markets Push Higher
Crypto markets ended the week in the green, gaining $150 billion since Monday, February 5. Total capitalization stood at $1.87 trillion at the time of writing, its highest level since April 2022.
Bitcoin prices hit a monthly high of $48,000 in late trading on Friday before retreating a bit over the weekend.
The asset is currently near the resistance levels that it was unable to overcome last month during the launch of Bitcoin ETFs, could this time be different?