Grayscale falls behind in ETF outflows first time since launch as ARKB loses $87.5 million

Grayscale Bitcoin Trust (GBTC) recorded lower outflows for the first time since the launch of spot Bitcoin ETFs on April 2, after ARK 21Shares (ARKB) posted outflows amounting to $87.5 million, according to Coinglass data.

Comparatively, GBTC recorded the lowest outflows since March 12 at $82 million. The data for the other ETFs, including IBIT and FBTC, was not public as of press time.

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GBTC outflows

GBTC’s currently low outflows are notable because the fund consistently sees high outflows.

Long-term data shows that GBTC has experienced $15 billion in net outflows since it began trading in January and is the only spot Bitcoin ETF with negative net flows.

The spot Bitcoin market has otherwise seen positive net inflows, with the Newborn Nine collectively recording over $12 billion in net inflows since launch.

The past several days have been particularly significant for inflows, as spot Bitcoin ETFs saw over $800 million in inflows during the last week of March.

Bloomberg ETF analyst Eric Balchunas reported that spot Bitcoin ETF trading volumes reached $111 billion in March — 3x the levels recorded in January and February.

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Interest in Bitcoin

BlackRock and Fidelity’s Bitcoin ETFs, IBIT and FBTC, have surged in popularity, capturing significant market interest within the first three months of their launch.

The two ETFs have outshone hundreds of other funds offered by the two giants, with IBIT and FBTC attracting unprecedented levels of investment.

IBIT alone accounted for over half of BlackRock’s yearly net inflows, while FBTC represented 70% of Fidelity’s, showcasing the growing allure of Bitcoin among traditional investors. Notably, IBIT has grown faster than any other ETF in history.

Remarkably, both ETFs have seen continuous cash inflows for 52 straight days, a rare achievement in the ETF sphere, indicating robust investor confidence. This streak places them prominently among ETFs with significant and sustained investor interest.

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Contrary to the belief that ETF investors might pull back during market downturns, recent data shows continued strategic investments in these Bitcoin ETFs despite price fluctuations, suggesting a more sophisticated and resilient investor base. This investment pattern highlights ETF investors’ strategic patience and confidence, even during challenging market conditions.

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Author: Mike Dalton

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