ARK Invest's ARKB Fund Suffers Largest-Ever Outflows, Surpassing Grayscale's GBTC

ARK Invest's ARKB fund experienced significant net outflows of $87.5 million on Tuesday, surpassing Grayscale's GBTC, marking the highest outflows for ARKB since its inception. Despite these outflows, ARKB has cumulatively attracted a substantial net inflow of $2.2 billion. Spot bitcoin ETFs from various providers, including BlackRock, Fidelity, VanEck, and Bitwise, witnessed net inflows ranging from $44.8 million to five million dollars, resulting in a combined net inflow of approximately $39.47 million for the 11 U.S. spot bitcoin ETFs.

Massive Outflows Hit Ark Invest's ARKB Fund, Surpassing Grayscale's GBTC

On Tuesday, Ark Invest's ARKB fund, which tracks innovative technology stocks, experienced its largest net outflows since its inception, totaling $87.5 million, as reported by data from SoSoValue. This figure eclipses the outflows recorded by Grayscale's GBTC, which saw $81.9 million in withdrawals on the same day. Notably, ARKB had consistently recorded net inflows since its launch, with a cumulative total of $2.2 billion to date.

Positive Inflows for BlackRock and Fidelity

In contrast to ARKB's outflows, BlackRock's IBIT fund registered the highest net inflow at $150.5 million. Fidelity's fund also saw inflows of $44.8 million. Spot ETFs from VanEck and Bitwise received inflows ranging from $3 million to $5 million.

Combined Net Inflow for US Spot Bitcoin ETFs

Collectively, the 11 U.S. spot bitcoin ETFs witnessed a combined net inflow of approximately $39.47 million, as indicated by SoSoValue data.

Bitcoin Price Slide Coincides with ETF Outflows

The significant outflows from spot bitcoin ETFs aligned with a decline in Bitcoin's price on Tuesday. The world's largest cryptocurrency was trading at $65,881 as of 11:30 p.m. EST, marking a 1.4% decrease over the past 24 hours and a 6.6% drop over the past week.

Bitcoin Halving and Analyst Predictions

The upcoming Bitcoin halving, scheduled for later this month, has historically been associated with bearish market conditions, followed by extended bullish cycles, according to Justin d'Anethan, head of APAC business development at Keyrock. Morgan Creek Capital Management CEO Mark Yusko predicts that the halving will fuel investor interest and fear of missing out (FOMO), potentially driving Bitcoin's value to $150,000 by the end of the year.

GMCI 30 Index Declines

The GMCI 30 Index, which represents the top 30 cryptocurrencies, experienced a 1.2% decline in the last 24 hours, mirroring the broader market sentiment.