Grayscale's Bitcoin ETF Outflows Surpassed for the First Time

Cathie Wood’s ARK 21shares Bitcoin ETF experienced a daily outflow of $87.5 million on April 2, marking a historic event as it exceeded Grayscale’s Bitcoin Trust’s outflow for the first time since the introduction of spot bitcoin ETFs in the U.S. Despite this outflow and a preceding day’s loss, ARKB remains the third-largest among the newly launched spot ETFs, excluding Grayscale, with $2.2 billion in assets under management and holding 44,662 bitcoins. Meanwhile, despite consistent outflows, Grayscale leads in total bitcoin holdings with around 329,000 BTC. The price of bitcoin declined about 9% from the previous week, amidst increasing ETF outflows. Bitcoin ETFs still saw net inflows of $38.8 million on April 2, led by BlackRock’s IBIT and Fidelity’s FBTC.