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Cathie Wood’s ARK Bitcoin ETF Daily Outflows Exceed Grayscale’s GBTC for the First Time

ARK 21 Shares Bitcoin exchange-traded fund (ETF), managed by Cathie Wood, experienced a significant daily outflow surpassing $87 million. This marks the first instance where its outflows exceeded those of Grayscale’s Bitcoin Trust (GBTC).

Data provided by Farside Investors reveals that on Tuesday, ARK 21Shares Bitcoin ETF (ARKB) observed outflows totaling $87.5 million, equivalent to approximately 1,300 BTC.

This marks the second consecutive day of outflows for ARKB, following a loss of $300,000 on Monday, which also marked its first-ever day of outflows.

GBTC Sees Consistent Outflows

In contrast, Grayscale’s Bitcoin Trust (GBTC) saw a daily outflow of $81.9 million. While this figure may seem relatively modest for GBTC, it’s noteworthy that the trust has consistently experienced outflows on every trading day since transitioning to a spot ETF.

Over the last five trading days, GBTC has averaged outflows of $254 million per day, totaling around $15.1 billion over the past three months.

Despite the outflows observed in ARKB and GBTC, BlackRock’s fund experienced an inflow of $150.5 million, resulting in a net aggregate inflow of $40.3 million for the day.

Among the ten newly launched spot ETFs, excluding Grayscale, ARKB currently ranks as the third largest, boasting $2.2 billion in assets under management (AUM). It trails behind BlackRock’s and Fidelity’s funds, which command respective AUMs of $14.1 billion and $7.6 billion.

Regarding Bitcoin holdings, ARKB holds the sixth-largest position among funds, corporations, and miners, possessing a total of 44,662 BTC. In contrast, despite shedding a significant 291,000 Bitcoin since its conversion to an ETF, GBTC maintains its leading position in terms of total Bitcoin held. As per data from HODL15Capital, GBTC holds approximately 329,000 Bitcoin at the time of publication.

The recent downtrend in Bitcoin’s price, experiencing a decline of around 9% from last week’s peak of $71,500 and briefly dipping below $65,000 on April 3, has coincided with a rise in outflows from ETFs.

Leveraged Spot Bitcoin ETFs Hit Market

The introduction of the inaugural 2x and -2x leveraged spot Bitcoin ETFs, traded under the tickers BITU and SBIT, has significantly influenced market dynamics. Bloomberg ETF analyst Eric Balchunas highlighted their anticipated position among the top 5 most volatile ETFs in the US, boasting a standard deviation of approximately 150%.

Balchunas also pointed out a substantial surge in Bitcoin ETF trading volume, which soared to about $111 billion in March, nearly tripling the combined volume of February and January.

Concurrently, digital asset investment products saw a favorable shift in sentiment last week, with inflows totaling $862 million, almost fully recuperating from the record outflows of $931 million in the preceding week. Bitcoin products particularly attracted the bulk of these inflows, drawing around $865 million.

However, Grayscale encountered outflows amounting to $967 million during the same period.

In terms of geographical distribution, the United States witnessed an additional $897 million in inflows, while Europe and Canada collectively experienced outflows of $49 million. This brings the year-to-date outflows for these regions to $785 million.

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