From Wikipedia. Bolts do not have fletching. Modern crossbows are designed to shoot arrows instead of bolts. Crossbow arrows are of similar construction to ordinary bow arrows.
I can't see how a 20 inch arrow is going to loose energy any faster than a 28 inch arrow, over the distance that an arrow is routinely shot. Yes I understand ballistic coefficient. Arrows are used over short distances, so any difference is going to be so negligible, that the difference is meaningless.
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