Grayscale dethroned by ARKB in Bitcoin ETF outflows, a historic first!

For the first time, Cathie Wood’s ARK 21Shares Bitcoin ETF (ARKB) recorded more outflows than the Grayscale Bitcoin Trust (GBTC). On April 2, ARKB lost $87.5 million, surpassing GBTC’s daily outflow record.

ARKB Takes the Lead in Bitcoin ETF Outflows

Usually, it’s the Grayscale Bitcoin Trust (GBTC) that records the most significant daily outflows among Bitcoin ETFs. But on April 2, the ARK 21Shares Bitcoin ETF (ARKB) changed the game. It lost $87.5 million in a single day, exceeding GBTC’s $82 million in outflows.

This is the first time another Bitcoin ETF surpassed GBTC in terms of daily outflows since the launch of these products in the United States. Despite this, ARKB remains the third-largest crypto ETF with $2.2 billion in assets under management, equivalent to 44,662 BTC.

Meanwhile, Grayscale still holds the largest number of bitcoins, roughly 329,000 BTC, despite constant outflows. This loss of momentum occurs in a context where Bitcoin’s price struggles to rise, reaching $64,673 on April 2, according to CoinGecko.

Investors Continue to Bet on ETFs

While the daily outflows of GBTC and ARKB make headlines, it is important to note that overall, the Bitcoin ETFs still recorded net positive inflows of $38.8 million on April 2.

The BlackRock ETF (IBIT) and Fidelity (FBTC) captured the majority of these incoming flows, demonstrating the persistent appetite of institutional investors for exposure to BTC.

The month of March was particularly dynamic for these investment vehicles, with an impressive trading volume of $111 billion. This amount is triple that of January and February levels. Although it is unlikely that this record will be matched in April due to the decrease in demand, interest in Bitcoin ETFs seems resilient.