Cathie Wood’s ARK 21Shares Bitcoin (BTC) exchange-traded fund (ETF) experienced daily outflows 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. On April 2, ARKB saw outflows of $87.5 million, equivalent to around 1,300 BTC. This marked the second consecutive day of outflows for ARKB, following a $300,000 loss in assets on April 1. In comparison, Grayscale recorded a daily outflow of $81.9 million.
Despite the recent outflows, ARKB remains the third-largest of the newly launched spot ETFs, with $2.2 billion in assets under management (AUM). It holds the sixth-largest amount of BTC among funds, corporations, and miners, with 44,662 BTC on its books. On the other hand, GBTC leads in terms of total Bitcoin held, with approximately 329,000 BTC.
The decline in Bitcoin’s price this month, dropping around 9% from last week’s high of $71,500, and briefly falling below $65,000 on April 3, coincided with the 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 most volatile ETFs in the US.
Balchunas also noted that Bitcoin ETFs traded about $111 billion in volume in March, nearly triple the volume from February and January combined. Overall, the ETF market for Bitcoin continues to evolve rapidly, with different funds experiencing varying levels of inflows and outflows.