- Cathie Wood’s ARK Bitcoin ETF (ARKB) had a record $87.5 million outflow on April 2, surpassing the outflow from Grayscale’s Bitcoin Trust (GBTC)
- ARKB is the third-largest of the newly launched spot Bitcoin ETFs, with $2.2 billion in assets under management
- The price of Bitcoin has declined by around 9% since the beginning of April amid increasing ETF outflows
Cathie Wood’s ARK 21Shares Bitcoin exchange-traded fund (ETF) has seen a massive outflow of funds, with over $87 million exiting the fund on April 2nd. This marks the first time ARK’s outflows have surpassed those of the Grayscale Bitcoin Trust (GBTC) since the launch of spot Bitcoin ETFs in the US.
Cathie Wood’s ARK 21Shares Sees $87.5M Outflow, Its Largest Yet
The ARK 21Shares Bitcoin ETF (ticker: ARKB) saw an outflow of $87.5 million on April 2nd, equal to roughly 1,300 BTC, according to preliminary data from Farside Investors. This marked the second consecutive day of outflows for ARKB after losing $300,000 in assets on its first-ever outflow day on April 1st.
Grayscale Bitcoin Trust Posts $81.9M Outflow, Continuing Downward Trend
Grayscale, which has posted consistent outflows every trading day since converting to a spot ETF, saw another outflow of $81.9 million on April 2nd. This has become a familiar trend for GBTC, which has shed an average of $254 million per day over the past five trading sessions. In total, Grayscale has hemorrhaged around $15.1 billion over the past three months.
ARKB Remains 3rd Largest Spot Bitcoin ETF Despite Outflows
Despite the past two days of outflows, ARKB still stands as the third largest of the ten newly launched spot ETFs, excluding Grayscale. It boasts $2.2 billion in assets under management (AUM). ARKB trails behind BlackRock’s and Fidelity’s funds, which command AUMs of $1.41 billion and $760 million, respectively.
ARKB Now 6th Largest Bitcoin Holder Among Funds and Corporations
ARKB is also now the sixth largest holder of BTC among funds, corporations and miners. It currently holds a total of 44,662 BTC on its books, according to data from HODL15Capital. Despite shedding a staggering 291,000 Bitcoin since its ETF conversion, GBTC still leads the pack with around 329,000 Bitcoin.
Bitcoin Price Declines Amid Accelerating ETF Outflows
The price of Bitcoin has declined since the beginning of April, falling around 9% from last week’s high of $71,500. It briefly dipped below $65,000 on April 3rd amid the increasing ETF outflows.
Leveraged Bitcoin ETFs Launch Amid Volatility
In an April 2nd tweet, Bloomberg ETF analyst Eric Balchunas noted the launch of the first-ever 2x and -2x leveraged spot Bitcoin ETFs from ProShares. He added that these funds will likely be among the most volatile in the US. Balchunas also observed that Bitcoin ETFs traded around $11.1 billion in volume in March, nearly triple what they did in February and January combined.
