Cathie Wood’s ARK Bitcoin ​ETF Sees Record $87 Million Outflow

Spot Bitcoin ​ETFs experience fluctuating outflows.

Cathie Wood’s ARK 21Shares Bitcoin ETF (ARKB) recorded daily outflows of $87 million, surpassing Grayscale’s Bitcoin Trust (GBTC) for the first time since the launch of a spot Bitcoin ETF in the United States. This is ARKB’s second consecutive outflow, bringing total asset losses to $300,000 on April 1.

Consistent leakage of grayscale

Grayscale has faced steady daily outflows since converting to a spot ETF, with recent daily outflows reaching $81.9 million. This is a relatively low level compared to the average outflow of $254 million over the past five trading days. In total, Grayscale has recorded outflows of approximately $15.1 billion over the past three months.

ARKB’s position among spot ETFs

Despite recent outflows, ARKB remains the third-largest newly launched spot ETF with $2.2 billion in assets under management (AUM). That lags funds from BlackRock and Fidelity, which have AUM of $14.1 billion and $7.6 billion, respectively. ARKB is also the 6th largest BTC holder among funds, corporations, and miners, holding a total of 44,662 BTC.

Bitcoin Holdings by GBTC

Despite losing 291,000 bitcoins since converting to an ETF, GBTC still holds the most bitcoins of any similar company, with about 329,000 bitcoins on its books.

Bitcoin price movement

The price of Bitcoin fell about 9% from last week’s high of $71,500 amid increasing ETF outflows, briefly falling below $65,000 on April 3.

Leveraged Spot Bitcoin ​​ETF and Volume

Bloomberg ETF analyst Eric Balchunas highlighted Launch of the first 2x and -2x leveraged spot Bitcoin ETF trading under the tickers BITU and SBIT. These ETFs are expected to be among the top five most volatile ETFs in the United States. He also noted that Bitcoin ETF trading volume in March reached approximately $111 billion, nearly three times the volume in February and January combined.