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

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

ARKB Takes Lead in Bitcoin ETF Exits

Usually, it is the Grayscale Bitcoin Trust (GBTC) that sees the largest daily outflows among Bitcoin ETFs. But on April 2, the ARK 21Shares Bitcoin ETF (ARKB) changed that. It lost $87.5 million in a single day, surpassing GBTC's $82 million in outflows.

It's here first time that another Bitcoin ETF surpasses GBTC in terms of daily outflows since these products launched in the United States. Despite this, ARKB remains the 3rd largest crypto ETF with $2.2 billion in assets under management, the equivalent of 44,662 BTC.

For its part, Grayscale still owns the largest number of bitcoins, around 329,000 BTC, despite constant outflows. This loss of momentum comes in a context where the price of Bitcoin is struggling to recover, reaching $64,673 on April 2 according to CoinGecko.

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Investors continue to bet on ETFs

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

ETFs from BlackRock (IBIT) and Fidelity (FBTC) captured the majority of these inflows, demonstrating the continued appetite of institutional investors for exposure to BTC.

The month of March was also particularly dynamic for these investment vehicles, with an impressive transaction volume of 111 billion dollars. This amount represents triple the levels of January and February. Although this record is unlikely to be matched in April given the decline in demand, interest in Bitcoin ETFs appears resilient.

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