ARK Invest and 21Shares Bitcoin Spot ETF Overtake Grayscale's GBTC in Bitcoin Outflows

For the first time, ARK Invest 21Shares Bitcoin Spot ETF (ARKB) has surpassed Grayscale's Bitcoin Trust (GBTC) in Bitcoin (BTC) outflows. On Tuesday, ARKB recorded outflows of $88 million, exceeding GBTC's $81 million losses. This marks ARKB's largest outflow since its launch in January, while Grayscale's Bitcoin Trust has faced continuous outflows since March 15, with a total exceeding $15 billion. Despite the outflows, the broader ETF market saw net inflows of $40 million, led by BlackRock's IBIT with $150 million in gains.

ARK Invest and 21Shares Bitcoin Spot ETF Outpaces Grayscale's GBTC in Bitcoin Outflows

In a notable market shift, ARK Invest's 21Shares Bitcoin Spot ETF (ARKB) has surpassed Grayscale's Bitcoin Trust (GBTC) in daily Bitcoin (BTC) outflows for the first time since both products' inception. This development signals a potential shift in investor sentiment towards these prominent Bitcoin investment vehicles.

According to recent data released by Farside Investors, ARKB recorded outflows of approximately $88 million on Tuesday, exceeding GBTC's $81 million in outflows. This marks the largest outflow for ARKB since its launch in January 2022. Previously, ARKB had only experienced minor outflows of $300,000 on Monday, its first-ever negative flow.

In contrast, Grayscale's Bitcoin Trust has faced consistent outflows since March 15, 2022, with total outflows now surpassing $15 billion. This prolonged outflow is a notable concern for investors holding GBTC shares.

Amidst the outflows from ARKB and GBTC, other Bitcoin-related exchange-traded funds (ETFs) have witnessed positive inflows. BlackRock's iShares Bitcoin Strategy ETF (IBIT) led the pack, attracting inflows of approximately $150 million. Fidelity's Bitcoin ETF (FBTC) followed closely with inflows of $44 million.

Overall, the net inflows for Bitcoin ETFs on Tuesday amounted to $40 million, a significant improvement compared to the net outflows of $80 million experienced on Monday. This indicates a cautious but positive sentiment among investors.

Despite the recent outflows, Bitcoin's price has remained relatively stable over the past 24 hours, with a modest decline of 0.55%. However, the cryptocurrency has faced a steeper decline in the past week, dropping by over 5% and falling below the $69,000 level.

This news highlights the evolving landscape of Bitcoin investment products and the ongoing dynamics of investor sentiment in the cryptocurrency market. With the introduction of new ETFs and the challenges faced by established funds like Grayscale's GBTC, investors are carefully considering their options and adjusting their strategies accordingly.