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Bitcoin ETF observers are focused on a potential “flip” of BlackRock’s IBIT overtaking Grayscale’s GBTC in assets under management, while another ETF has seen outflows accelerate.
Cathie Wood’s Ark Invest’s Ark 21 Shares Bitcoin ETF (ARKB) has experienced two consecutive days of outflows for the first time since the beginning of the month, according to data from Farside Investors. Approximately $12.9 million was withdrawn from the fund on April 16, and an additional $42.7 million was withdrawn on the 17th.
According to data from the 21 Shares website, ARKB currently holds assets worth $2.7 billion and has an annualized return of 37.08%. price of bitcoin The price has risen from about $42,000 at the start of the year to about $63,000 today.
ARKB’s outflows are accelerating alongside those in the broader Bitcoin ETF market, which has recorded net inflows in just two days since early last week. Total net outflows reached $165 million yesterday, with GBTC’s $133.1 million outflow accounting for the largest share.
Inflows into BlackRock’s IBIT have also slowed, with only $18.1 million flowing into the fund yesterday, as Bloomberg Intelligence analyst Eric Balchunas suggested IBIT could overtake GBTC in assets under management by the end of the month.
Earlier this month, Grayscale CEO Micheal Sonnenshein suggested that GBTC’s outflows were “starting to reach a bit of a balance,” adding that the fund’s initial outflows were “expected” and related to bankruptcies in FTX and other cryptocurrencies. It was claimed that it arose from sales. Enterprise.
Meanwhile, ARKB’s outflow comes as Ark faces declining market share in the U.S. ETF market.
Over the past year, Ark’s ETFs have seen outflows of $2.7 billion, with $1.8 billion leaving the fund in the first three months of 2024. This week the company launched its first European ETF, the Ark Innovation UCITS ETF (ARKK), Ark Genomic Revolution. UCITS ETF (ARKG) and Ark Artificial Intelligence & Robotics UCITS ETF (ARKI).
“Over the past 10 years, a significant portion of our website traffic, subscriber base, inbound requests and social media traffic has come from people in Europe,” Wood said in a statement about the launch of the European fund. “There is high interest and demand for Arc’s investment strategies within the European market.”
