ARK Bitcoin ETF, managed by Cathie Wood, sees historic $87M withdrawal, surpassing GBTC.

Cathie Wood’s ARK 21 Shares Bitcoin (BTC) exchange-traded fund (ETF) experienced a significant outflow of over $87 million, surpassing Grayscale’s Bitcoin Trust (GBTC) for the first time since the introduction of spot Bitcoin ETFs in the US. On April 2, ARKB saw an outflow of $87.5 million, equivalent to around 1,300 BTC. This marks the second consecutive day of outflows for ARKB, which lost $300,000 in assets on April 1. Meanwhile, Grayscale recorded another daily outflow of $81.9 million. Although this 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, Grayscale has lost a total of approximately $15.1 billion in the past three months. Despite the recent outflows, ARKB remains the third largest of the ten newly launched spot ETFs, excluding Grayscale, with $2.2 billion in assets under management (AUM). BlackRock’s fund saw an inflow of $150.5 million, resulting in a net aggregate inflow of $40.3 million for the day, despite the outflows from ARKB and GBTC. In terms of BTC holdings, ARKB ranks sixth among funds, corporations, and miners, with a total of 44,662 BTC. On the other hand, GBTC leads in terms of total Bitcoin held, with around 329,000 BTC. The price of Bitcoin has been declining this month, dropping around 9% from last week’s high and briefly falling below $65,000 on April 3, partly due to increasing ETF outflows. Bloomberg ETF analyst Eric Balchunas highlighted the launch of the first-ever 2x and -2x leveraged spot Bitcoin ETFs, which are expected to be among the top five most volatile ETFs in the US. Balchunas also noted that Bitcoin ETFs traded around $111 billion in volume in March, nearly triple the combined volume of February and January.