Record $87 million record outflow from Cathie Wood’s ARK Bitcoin ETF has surpassed GBTC
On April 2, the record $87.5 million outflow from Cathie Wood’s ARK Bitcoin ETF (ARKB) exceeded the outflow from Grayscale’s Bitcoin Trust (GBTC).
With $2.2 billion in assets under management, ARKB is the third-largest spot Bitcoin ETF among those that have just been introduced. Amidst rising ETF withdrawals, the price of Bitcoin has dropped by almost 9% since the beginning of April.
Over $87 million left Cathie Wood’s ARK 21Shares Bitcoin exchange-traded fund (ETF) on April 2, marking a significant money outflow. Since the introduction of spot Bitcoin ETFs in the US, ARK’s withdrawals have never exceeded those of the Grayscale Bitcoin Trust (GBTC).
The largest-ever outflow from Cathie Wood’s ARK 21Shares is $87.5 million
According to early statistics from Farside Investors, the ARK 21Shares Bitcoin ETF (ticker: ARKB) had an outflow of $87.5 million on April 2nd, or around 1,300 BTC. Following the $300,000 asset loss on its inaugural outflow day on April 1st, this was ARKB’s second day of outflows in a row.
Grayscale Bitcoin Trust Reports $81.9M Debit, Maintaining Declining Pattern
Since switching to a spot ETF, Grayscale has consistently reported withdrawals on each trading day. On April 2, there was an additional outflow of $81.9 million. With GBTC losing an average of $254 million every day over the last five trading sessions, this pattern has become predictable. Over the last three months, Grayscale has lost over $15.1 billion in total.
Bitcoin price falls as ETF outflows accelerate
Bitcoin’s price has fallen by almost 9% since the beginning of April, from its high of $71,500 last week. It temporarily fell below $65,000 on April 3rd due to growing ETF outflows.
Leveraged Bitcoin ETFs Launch Amid Volatility
Bloomberg ETF analyst Eric Balchunas tweeted on April 2nd that ProShares has launched the first-ever 2x and -2x leveraged spot Bitcoin ETFs. He said that these funds are expected to be among the most volatile in the United States. Balchunas also noted that Bitcoin ETFs traded around $11.1 billion in volume in March, nearly double what they did in February and January combined.
ARKB Continues to Be the Third-Biggest Bitcoin ETF Despite Withdrawal
With Grayscale excluded, ARKB is the third largest of the 10 recently launched spot ETFs despite the withdrawals over the last two days. Its assets under management (AUM) are $2.2 billion. ARKB is lagging behind funds managed by BlackRock and Fidelity, with AUMs of $1.41 billion and $760 million, respectively.
ARKB has risen to the sixth rank among funds and corporations holding Bitcoin
Among funds, companies, and miners, ARKB now has the sixth-largest position in Bitcoin holdings. Its total holdings as of right now are 44,662 BTC, as per HODL15Capital statistics. Even after losing a whopping 291,000 Bitcoin due to its conversion to an ETF, GBTC remains ahead of the competition with over 329,000 Bitcoin.
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