Cathie Wood’s ARK 21Shares Bitcoin (BTC) exchange-traded fund (ETF) has experienced significant daily outflows, surpassing Grayscale’s Bitcoin Trust (GBTC) for the first time since the launch of spot Bitcoin ETFs in the United States. On April 2, the outflows from ARK 21Shares Bitcoin ETF (ARKB) amounted to $87.5 million, equivalent to approximately 1,300 BTC, according to data from Farside Investors. This marked the second consecutive day of outflows for ARKB, as it lost $300,000 in assets on April 1. Grayscale, on the other hand, recorded a daily outflow of $81.9 million. Despite this, it was a relatively low outflow day for GBTC, which has been losing an average of $254 million per day over the past five trading days. In the last three months, Grayscale has seen a total outflow of around $15.1 billion. Meanwhile, BlackRock’s fund received an inflow of $150.5 million, resulting in net aggregate inflows of $40.3 million for the day, despite the outflows from ARKB and GBTC. Although ARKB has experienced outflows in the past two days, it remains the third-largest among the newly launched spot ETFs, with $2.2 billion in assets under management (AUM), excluding Grayscale. BlackRock’s and Fidelity’s funds hold the top positions, with respective AUMs of $14.1 billion and $7.6 billion. ARKB is also the sixth-largest holder of BTC among funds, corporations, and miners, with 44,662 BTC in its portfolio, according to data from HODL15Capital. On the other hand, GBTC still holds the highest amount of Bitcoin, with approximately 329,000 BTC, despite shedding 291,000 BTC since its conversion to an ETF. The price of Bitcoin has been declining since the beginning of the month, falling by around 9% from last week’s high of $71,500 and briefly dropping below $65,000 on April 3, coinciding with the increase in ETF outflows. In addition, the first-ever 2x and -2x leveraged spot Bitcoin ETFs, trading under the tickers BITU and SBIT, have been launched. These ETFs are expected to be among the top five most volatile ETFs in the US, with a standard deviation of around 150%, according to Bloomberg ETF analyst Eric Balchunas. Furthermore, Balchunas highlighted that Bitcoin ETFs traded approximately $111 billion in volume in March, nearly triple the trading volume of February and January combined.
ARK Bitcoin ETF, managed by Cathie Wood, experiences historic $87M in outflows, surpassing GBTC.