For the first time, a bitcoin ETF has more outflows than GBTC

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Key facts:
  • Yesterday, April 2, the ARK bitcoin ETF had the worst performance in the market.

  • The price of bitcoin fell to USD 64,000 due to the exits.

Bitcoin exchange-traded funds (ETFs) in the United States have attracted attention by showing a change in behavior. For the first time, Grayscale (GBTC) was not the one that recorded the largest daily capital outflows, but Ark Invest and 21Shares (ARKB).

GBTC and ARKB ended the daily session yesterday, April 2, with outputs of 81 million and 87 million dollars (USD) respectively. Meanwhile, the rest of the bitcoin ETFs in the American powerhouse attracted capital inflows, as shown below.

Flow of bitcoin ETFs in the United States on April 2. Source: Sosovalue.

The ARKB result is strange because Bitcoin ETFs in the US market have had almost no exits since their launch three months ago. This is with the exception of GBTC, the only one that was listed before going public, which has suffered constant withdrawals since its first day due to profit taking.

If the outflows from ARKB continue and this behavior expands to other ETFs, the downward pressure on the price of the currency will increase.. Therefore, it will be vital to continue to observe how these instruments continue to develop.

During the same day, the price of bitcoin declined from USD 70,000 to USD 64,000 and then continued to sideways around USD 66,000. You can see this in the next TradingView chart.

Bitcoin price since yesterday. Source: Bitcoin price since yesterday. Source: .TradingView.

Despite the sales, bitcoin ETFs closed with a positive balance

An optimistic fact is that, despite the GBTC and ARKB exits seen, Bitcoin ETFs ended the daily session with overall positive capital flows of USD 39 million. In this way, such instruments closed the day again with a green candle, after a negative day, recovering this trend that has predominated since its launch, as shown below.

In green you can see the days in which the bitcoin ETFs culminated in inflows and in red with outflows. Source: Sosovalue.

According to data from the Glassnode explorer reported by CriptoNoticias, this occurs as new demand enters the market and long-term investors take profits.

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