- ARK 21Shares Bitcoin ETF has registered massive outflows.
- This marked the fund’s second consecutive day of outflows.
- The fund bled more than GBTC for the first time.
Cathie Wood’s ARK 21Shares Bitcoin ETF (ARKB) witnessed its second consecutive day of outflows on Tuesday, bleeding more than Grayscale’s GBTC fund for the first time since the exchange-traded funds launched in the U.S.
Despite hemorrhaging an average of about $254 million per day over the past five trading days, the GBTC fund recorded a relatively low outflow of $81.9 million on Tuesday as BTC teased a return north of $65,000 a day after crashing from $71,000.
ARKB ETF Outflows Surpass GBTC
According to preliminary data from Farside investors, the ARK 21Shares Bitcoin ETF registered an outflow of $87.5 million (1,300 BTC) on April 2, surpassing outflows from the GBTC fund by around $5.6 million.
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The recent outflow from ARKB comes after the fund bled $300,000 in assets on its first-ever day of outflows on April 1.
Despite the outflows from ARKB and GBTC, Blackrock’s IBIT fund, Fidelity’s FBTC, VanEck’s HODL, and Bitwise’s BITB witnessed an inflow of $150 million, $44.8 million, $5.6 million, and $4.3 million, respectively. This resulted in a net total inflow of $40.3 million for the day.
In the meantime, Tuesday’s performance hasn’t displaced ARKB’s position. The fund still stands as the third-largest of the ten Nasdaq-listed spot Bitcoin ETFs (excluding Grayscale) with $2.2 billion in assets under management (AUM).
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As for GBTC, despite hemorrhaging $15.1 billion in total over the past three months, the fund still leads the pack with 329,000 BTC holdings as of press time.
Stay updated on the possibility of Bitcoin ETFs in the UK:
Bitcoin ETFs in the UK: Will British Investors Get Greenlight?
Read about Grayscale’s “mini” GBTC spinoff:
Grayscale Eyes ‘mini’ GBTC Spinoff as Outflows Top $11.05B
