ARK 21Shares Bitcoin ETF Surpasses Grayscale in Outflows

By: Isha Das

For the first time, ARK 21Shares Bitcoin ETF surpassed Grayscale Bitcoin Trust (GBTC) in net outflows. According to Coinglass data, ARKB posted outflows of $87.5 million marking the lowest outflows for GBTC since March 12 at $82 million.

GBTC, despite its high fees, had traditionally been seeing the highest level of ETF outflows, however Cathie Wood's ARK Invest fund has now taken this position. This is notable for GBTC as the fund has constantly experienced high net outflows since its launch in January. Long-term data shows $15 billion dollars in net outflows.

While both funds marked the second consecutive day of outflows, ARKB experienced a concerning jump from $0.3 million on Monday to $87.5 million on Tuesday resulting in a 29,000 percent increase in outflows in a single day.

This rise in ETF outflows for ARKB, and the slight slowing of outflows for GBTC, could affect the performance of Bitcoin. Since the approval of spot Bitcoin ETFs in January, there has been a positive overall effect on the Bitcoin price. However, in the past, any increases in outflows have led to Bitcoin price declines.