Cathie Wood’s ARK 21 Shares Bitcoin (BTC $66,206) exchange-traded fund (ETF) experienced $87 million in daily outflows on April 2, surpassing Grayscale’s Bitcoin Trust (GBTC) for the first time since the launch of spot Bitcoin ETFs in the US. This marked the second consecutive day of outflows for ARKB, with a $300,000 loss on April 1. Grayscale continued to see consistent outflows, with $81.9 million leaving the fund on the same day.
Despite the outflows, BlackRock’s fund saw a $150.5 million inflow, resulting in a net aggregate inflow of $40.3 million for the day. ARKB remains the third largest of the newly launched spot ETFs, holding $2.2 billion in assets under management (AUM). It ranks behind BlackRock and Fidelity, which have AUMs of $14.1 billion and $7.6 billion, respectively.
ARKB is also the sixth largest holder of BTC among funds, corporations, and miners, with 44,662 BTC on its books. Meanwhile, GBTC still leads in total Bitcoin held, with 329,000 BTC despite shedding 291,000 since converting to an ETF.
The price of Bitcoin has declined by 9% since last week, dropping below $65,000 on April 3 amidst increasing ETF outflows. Bloomberg ETF analyst Eric Balchunas highlighted the launch of 2x and -2x leveraged spot Bitcoin ETFs, which are expected to be among the most volatile ETFs in the US.
In March, Bitcoin ETFs traded around $111 billion in volume, nearly triple the combined volume of February and January.