ARK 21Shares' Bitcoin ETF Sees Record Outflows, Grayscale Remains Top Bitcoin Holder
Summary:
Cathie Wood's ARK 21Shares' Bitcoin (BTC) exchange-traded fund (ETF) has seen a larger daily outflow than Grayscale’s Bitcoin Trust (GBTC) for the first time since the start of spot Bitcoin ETFs in the US, with an outflow of $87.5 million on April 2. Despite recent outflows, ARKB manages $2.2 billion in total assets, ranking as the third-largest of the freshly launched spot ETFs. Meanwhile, despite major outflows since changing into an ETF, GBTC remains the largest holder of Bitcoin.
The Bitcoin (BTC) exchange-traded fund (ETF) from Cathie Wood's ARK 21Shares has seen daily outflows exceeding $87 million, surpassing Grayscale’s Bitcoin Trust (GBTC) for the first time since the advent of spot Bitcoin ETFs in the U.S. Preliminary figures from Farside Investors indicate that Ark 21Shares fu (ARKB) saw an outflow of $87.5 million on April 2, equating to approximately 1,300 BTC. The fund had previously seen a loss of $300,000 in assets on April 1, its inaugural outflow day. Despite such consistent outflows since shifting to a spot ETF, GBTC added to its outflow with $81.9 million on the same day. GBTC has averaged a daily outflow of $254 million over the past five trading days, resulting in an accumulated outflow of around $15.1 billion over the past quarter. Despite the past two days of outflows, the ARKB nevertheless ranks as the third-largest out of the ten recently launched spot ETFs (excluding GBTC), managing $2.2 billion in total assets. Its holdings, however, lag behind those of BlackRock’s and Fidelity’s funds, which manage $14.1 billion and $7.6 billion respectively. According to data from HODL15Capital, ARKB also ranks as the sixth largest Bitcoin holder among funds, corporations and miners, amassing 44,662 BTC. Despite offloading a tremendous 291,000 Bitcoins since changing into an ETF, GBTC maintains its position as the largest holder of Bitcoin, and at the time of reporting, held around 329,000 Bitcoin. Amid recurring ETF outflows, Bitcoin's value has declined since the start of the month, experiencing a 9% dip from last week's peak of $71,500 and briefly dropping below $65,000 on April 3. Bloomberg ETF analyst Eric Balchunas highlighted in an April 2 post the debut of the first-ever 2x and -2x leveraged spot Bitcoin ETFs, BITU and SBIT, which are expected to rank among the top five most volatile ETFs in the United States, with a projected standard deviation of roughly 150%. Balchunas also pointed out that Bitcoin ETFs amassed nearly $111 billion in transaction volume in March, nearly thrice the combined total for February and January.
Published At
4/3/2024 6:59:42 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.