Outflow from Cathie Wood’s ARK Bitcoin ETF hits an all-time high of $87M, exceeding GBTC.

Cathie Wood’s ARK 21 Shares Bitcoin (BTC) exchange-traded fund (ETF) experienced a significant outflow of over $87 million, surpassing the outflow of Grayscale’s Bitcoin Trust (GBTC) for the first time since the launch of spot Bitcoin ETFs in the United States. The outflow from ARK 21Shares ETF (ARKB) on April 2 was approximately 1,300 BTC, according to preliminary data from Farside Investors. This marks the second consecutive day of outflows for ARKB, which 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. Grayscale has seen a total outflow of around $15.1 billion in the last three months. BlackRock’s fund, however, received 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. Despite the recent outflows, ARKB remains the third largest among the newly launched spot ETFs, excluding Grayscale, with $2.2 billion in assets under management (AUM). It is behind BlackRock’s and Fidelity’s funds, 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 a total of 44,662 BTC. GBTC, despite losing 291,000 Bitcoin since becoming an ETF, continues to lead in terms of total Bitcoin held, with approximately 329,000 BTC. The price of Bitcoin has been decreasing since the beginning of the month, dropping around 9% from last week’s high and briefly falling below $65,000 on April 3 due to increasing ETF outflows. In addition, the first-ever 2x and -2x leveraged spot Bitcoin ETFs, ProShares BITU and SBIT, have been launched and are expected to be among the most volatile ETFs in the US. These ETFs have seen significant trading volume, with around $111 billion in March alone.