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The much-awaited Bitcoin spot ETF the U.S. Securities and Exchange Commission approved in January 2024. After the green signal, 11 giants debuted the ETFs subcategory; some of them are profitable, and others are facing outflow.
Since the past few weeks, the ETF of GrayScale has been facing severe outflow; as per the recent information, Ark Invest (ARKB) ETF has blended and surpassed GBTC ETF.
On April 02, 2024, the ARKB ETF saw an outflow of $88 Million; at the same time, the GBTC ETF lost only $82 Million. The weakness in the buying volume was observed following the sudden decline in the trading price of Bitcoin.
The Bitcoin price started to decline on April 01, 2024, from above $69,000, and the price fell below $64k in a few hours. It is claimed that $111 Billion was traded in March for Bitcoin ETFs. However, the eroding interest might affect the ETFs.
BlackRock and Fidelity ETFs are performing impressively; on April 02, 2024, IBIT ETF saw an inflow of $38.8 Million. After Bitcoin’s decline, several other coins/tokens bled on their verge.
At the time of writing, ARKB ETF was priced at $65.97, and its AUM is $2.85 Billion. IBIT ETF is the most traded ETF intraday, with a volume of $1.27 Billion.
Other News
Paradigm, a crypto investment firm, has structured a plan to raise as much as $850 Million in fresh funding after Bitcoin (BTC) recovery. In March 2024, BTC traded at its all-time high of $73,750.
The firm aims to attract at least $750 Million. On November 15, 2024, Paradigm raised $2.5 Billion.
Microsoft and OpenAI are working closely on a data center project plan estimated to cost roughly $100 Billion. On March 29, 2024, it broke into the media that both firms were developing a Stargate supercomputer.
The yet-to-be-developed supercomputer is expected to be launched in 2028. The flourishing demand for generative AI has solely backed the adoption of Artificial Intelligence.
Crypto Market Price Overview
Cryptocurrency market capitalization surged 1.09% intraday; at the time of writing, it was $2.49 trillion. However, it lost 5.11% of its value in the weekly time frame.
The fear and greed index powered by the CoinMarketCap reflects greed in the market. Most of the time, it is observed that when greed surges in the market, some specified tokens/coins decline.
Bitcoin, the market leader, has grown 1.61%; when writing, it was trading at $66,601. Its market capitalization flourished 1.69% in the past 24 hours, and its trading volume fell 19.40%.
Flare (FLR) prices surged 25.95% intraday, making it the intraday trading list leader. Ethena (ENA) added 25.36% in the past 24 hours and is trading at $0.9549.
Stacks (STX) lost 5.33%, Aptos (APT) 4.44%, Bitcoin Cash (BCH) 3.65%, Litecoin(LTC) 3.57%, and Fantom (FTM) 3.39% fell barehanded the past 24 hours.
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
