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Cathie Wood's ARK Bitcoin ETF Sees Record $87M Outflow

Cathie Wood's ARK Bitcoin ETF records a $87M outflow, surpassing GBTC for the first time. Despite this, ARKB remains a major player among spot Bitcoin ETFs, while GBTC still holds the largest amount of Bitcoin.

Spot Bitcoin ETFs Experience Fluctuating Outflows

Cathie Wood's ARK 21Shares Bitcoin ETF (ARKB) has experienced a record daily outflow of $87 million, surpassing Grayscale's Bitcoin Trust (GBTC) for the first time since the launch of spot Bitcoin ETFs in the United States. This marks the second consecutive day of outflows for ARKB, with a total loss of $300,000 in assets on April 1.

Grayscale's Consistent Outflows

Grayscale has been facing consistent daily outflows since converting to a spot ETF, with a recent daily outflow of $81.9 million. This is relatively low compared to the average outflow of $254 million over the past five trading days. In total, Grayscale has seen approximately $15.1 billion in outflows over the past three months.

Bitcoin ETF flows USD. Source: Farside Investors

ARKB's Position Among Spot ETFs

Despite the recent outflows, ARKB remains the third-largest of the newly launched spot ETFs, with $2.2 billion in assets under management (AUM). It trails behind BlackRock's and Fidelity's funds, which have AUMs of $14.1 billion and $7.6 billion, respectively. ARKB is also the sixth largest holder of BTC among funds, corporations, and miners, holding a total of 44,662 BTC.

GBTC's Bitcoin Holdings

Despite losing 291,000 Bitcoin since its conversion to an ETF, GBTC still holds the largest amount of Bitcoin among similar entities, with approximately 329,000 Bitcoin on its books.

Bitcoin's Price Movement

The price of Bitcoin has declined by about 9% from last week's high of $71,500, briefly dipping below $65,000 on April 3 amid increasing ETF outflows.

Leveraged Spot Bitcoin ETFs and Trading Volume

Bloomberg ETF analyst Eric Balchunas highlighted the launch of the first-ever 2x and -2x leveraged spot Bitcoin ETFs, trading under the tickers BITU and SBIT. These ETFs are expected to be among the top 5 most volatile in the US. He also noted that Bitcoin ETFs traded around $111 billion in volume in March, nearly triple the volume traded in February and January combined.