ARKB, the Ark Invest 21Shares Spot Bitcoin ETF, overtook Grayscale’s GBTC for the first time on April 2 with daily net outflows of $87.5 million.
According to estimated data from Farside Investments, GBTC net outflows during the same period totaled $81.9 million. Cumulative net inflows into Bitcoin ETFs for the day totaled $40.3 million, reversing the previous day's negative flows.
ARKB's net outflows continued the negative trend seen on April 1, the first day of outflows in history.
Since the U.S. Securities and Exchange Commission (SEC) approved multiple spot Bitcoin ETFs in January of this year, Grayscale has consistently seen investors withdraw cash from its GBTC products.
BlackRock and other spot Bitcoin ETFs have low fees that are causing investors to move money out of the commodity. These products charge investors fees of 20 to 30 basis points per year, and some products waive fees entirely for early buyers. In Grayscale instead he will be charged 1.5%.
Ark Invest's ARKB fees are on the low end at 0.21%, with only VanEck's HODL, Bitwise's BitB, and Franklin Templeton's EZBC charging lower fees.
Last month, Grayscale filed for a “spin-off” product, the Grayscale Bitcoin Mini Trust. bloomberg Analyst Eric Balchunas explained In an attempt to “stop the exodus” of investors from GBTC.
Bitcoin ETF and Halving
Bitcoin ETFs and their demand for BTC are in the spotlight ahead of the cryptocurrency's upcoming halving. During the halving, block rewards for miners will be cut in half.
Some analysts have argued that the demand for BTC in Bitcoin ETFs, combined with the halving of the supply of new Bitcoins entering the market, could cause a supply shortage. bitcoin price.
Others have debunked the idea of an ETF-driven “supercycle,” arguing that historical catalysts to date have matched or exceeded the absorption of the majority of BTC supply by Bitcoin ETFs. There is.
