Summary
TLDR: ARKB’s Bitcoin ETF saw net daily outflows of $87.5 million on April 2, surpassing GBTC for the first time. Grayscale has been consistently seeing investors withdraw funds due to lower fees charged by other spot Bitcoin ETFs. The upcoming halving and Bitcoin ETFs’ appetite for BTC have raised speculation about a potential supply crunch driving up Bitcoin’s price.
Key Points
1. ARKB, the spot Bitcoin ETF from Ark Invest 21shares, experienced net daily outflows of $87.5 million on April 2, surpassing Grayscale’s GBTC for the first time.
2. Grayscale’s GBTC saw net outflows of $81.9 million on the same day, while Bitcoin ETFs collectively had net inflows of $40.3 million, reversing the previous day’s negative flows.
3. The shift in investor funds away from GBTC towards lower-fee spot Bitcoin ETFs like ARKB is attributed to the lower fees charged by these products, with ARKB charging 0.21% fees, among the lowest in the market.