Cathie Wood’s ARK 21Shares Bitcoin (BTC) exchange-traded fund (ETF) has experienced a significant outflow of over $87 million, surpassing Grayscale’s Bitcoin Trust (GBTC) for the first time since the launch of spot Bitcoin ETFs in the United States.
According to data from Farside Investors, the outflows from ARK 21Shares Bitcoin ETF (ARKB) totaled $87.5 million on April 2, equivalent to approximately 1,300 BTC. This marks the second consecutive day of outflows for ARKB, which lost $300,000 in assets on April 1.
Meanwhile, Grayscale’s Bitcoin Trust (GBTC) continued to experience outflows, with a daily outflow of $81.9 million. However, 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. In total, Grayscale has lost around $15.1 billion over the past three months.
Despite the outflows from ARKB and GBTC, there was a net aggregate inflow of $40.3 million for the day, thanks to a $150.5 million inflow for BlackRock’s fund.
ARKB remains the third-largest among the newly launched spot ETFs, with $2.2 billion in assets under management (AUM). It is surpassed by BlackRock’s and Fidelity’s funds, which have AUMs of $14.1 billion and $7.6 billion, respectively.
Additionally, ARKB is the sixth-largest holder of BTC among funds, corporations, and miners, with 44,662 BTC on its books, according to data from HODL15Capital. On the other hand, GBTC still leads in terms of total Bitcoin held, with around 329,000 Bitcoin.
The price of Bitcoin has been declining this month, dropping about 9% from last week’s high of $71,500. It briefly dipped below $65,000 on April 3, coinciding with the increasing outflows from ETFs.
In April, Bloomberg ETF analyst Eric Balchunas highlighted the launch of the first-ever 2x and -2x leveraged spot Bitcoin ETFs. These ProShares-based funds, BITU and SBIT, are expected to be among the most volatile ETFs in the US.
Balchunas also noted that Bitcoin ETFs traded around $111 billion in volume in March, nearly tripling the volume traded in February and January combined.
Please note that this article has been updated to include BlackRock inflow data.