Grayscale falls behind in ETF outflows first time since launch as ARKB loses $87.5 million Grayscale falls behind in ETF outflows first time since launch as ARKB loses $87.5 million
GBTC recorded the lowest outflows since March 12 at $82 million.
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Updated: Apr. 3, 2024 at 1:19 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
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.
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.
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.
Mentioned in this article
Bitcoin 
Grayscale Investments 
Fidelity Investments 
BlackRock 
Ark Invest 
ARK 21Shares Bitcoin ETF 
Grayscale Bitcoin Trust iShares Bitcoin Trust 
Fidelity Wise Origin Bitcoin Trust 
Eric Balchunas Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Ark Invest
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.
The ARK 21Shares Bitcoin ETF (ARKB) is a digital asset ETF that seeks to track the performance of bitcoin, as measured by the performance of the CME CF Bitcoin Reference Rate – New York Variant (the “Index”).
The Grayscale Bitcoin Trust (GBTC) is a digital currency investment product that provides investors with access to Bitcoin through traditional investment channels.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
The Fidelity Wise Origin Bitcoin Trust (FBTC) is a spot Bitcoin ETF that offers investors exposure to the price of Bitcoin.
Eric Balchunas is an American author, ETF analyst, and Senior ETF Analyst at Bloomberg Intelligence.
