Cathie Wood’s ARK Bitcoin ETF outperforms Grayscale’s GBTC for the first time

Cathie Wood’s ARK 21 Shares Bitcoin Exchange Traded Fund (ETF) records daily inflows of more than $87 million; This marks the first time Grayscale has seen higher daily outflows than Bitcoin Trust (GBTC).

ARK 21Shares Bitcoin ETF (ARKB) saw outflows of $87.5 million, equivalent to 1,300 BTC, on Tuesday, according to data from Farside Investors.

ARKB lost $300,000 on its first day of losses on Monday, marking its second day of losses in a row.

GBTC constant output

Meanwhile, Grayscale Bitcoin Trust (GBTC) generated $81.9 million in daily revenue.

While this is the latest release for GBTC, it is worth noting that it has been released every trading day since the fund’s conversion to an ETF.

GBTC spent an average of $254 million per day over five trading days, with total outflows reaching $15.1 billion in the last three months.

Despite departures from ARKB and GBTC, the BlackRock fund raised $150.5 million, bringing the day’s total to $40.3 million.

ARKB is currently the third-largest company among the top ten ETFs, excluding Grayscale, with assets under management (AUM) of $2.2 billion.

follows BlackRock and Fidelity funds, which manage $14.1 billion and $7.6 billion in assets, respectively.

In terms of Bitcoin ownership, ARKB is the sixth largest cryptocurrency holder, company, and miner, currently owning 44,662 BTC.

On the other hand, GBTC remains the leader in terms of total Bitcoin holdings with almost 329,000 Bitcoin on its books at the time of this writing, despite losing 291,000 Bitcoin since its switch to the ETF, according to data from HODL15Capital.

The recent decline in Bitcoin price, which is down nearly 9% from last week’s high of $71,500 and briefly dipped below $65,000 on April 3, coincided with increased ETF selling.

Using Bitcoin ETF Market Positions

In particular, the launch of the first 2x and -2x leveraged Bitcoin ETFs traded under the tickers BITU and SBIT increased market share.

Bloomberg ETF analyst Eric Balchunas noted that these ETFs are expected to be among the top 5 most volatile U.S. ETFs, with a standard deviation of up to 150%.

Balchunas also noted that Bitcoin ETF trading volume reached $111 billion in March, almost triple the combined volume of February and January.

Meanwhile, digital asset investment products saw a positive shift in sentiment last week, with inflows reaching $862 million, almost fully recovering from last week’s $931 million inflow.

As reported, Bitcoin sales attracted almost all of the $865 million in revenue.

However, Grayscale faced a loss of $967 million in the same period.

In terms of jurisdictions, the United States added $897 million, while Europe and Canada gained a total of $49 million, bringing annual revenue from these regions to $785 million.