Bitcoin

DeFi

Grayscale Bitcoin Trust

Spot

<div class="intro-text">
 For the first time since <a style="color: #0000ff;" href="https://defi-planet.com/2024/01/u-s-sec-greenlights-spot-bitcoin-etps-after-11-years-and-20-rejections/" rel="noopener noreferrer nofollow">the introduction of spot Bitcoin ETFs in the US market</a>, Grayscale Bitcoin Trust Shares ($GBTC) did not register the most daily outflows from its portfolio, as ARKB Invests’ $ARKB surpassed its $82 million outflows with up to $6 million.&nbsp;
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According to a <a style="color: #0000ff;" href="https://farside.co.uk/?p=997" rel="noopener noreferrer nofollow">report</a> from Farside Investors, all the spot Bitcoin ETFs in the United States recorded a positive net flow of $40.3 million for the trading day ending Tuesday, April 2, 2024. While other ETFs recorded a positive net flow of $205.4 million, $GBTC and $ARKB reported a combined net outflow of $169.5 million.&nbsp;
Since the launch of the ETFs, $GBTC has seen a staggering $15.15 billion leave its portfolio, as it has never experienced any positive flow of assets. This outflow streak has been attributed to various factors, including <a style="color: #0000ff;" href="https://defi-planet.com/2024/01/grayscale-ceo-questions-the-future-of-new-bitcoin-etfs-amid-fee-competition/" rel="noopener noreferrer nofollow">its high management fees</a>. Grayscale charges investors a 1.5%&nbsp; trading fee, the highest by a good margin of all other ETFs.&nbsp;
Also, several investors purchased <a style="color: #0000ff;" href="https://defi-planet.com/2023/10/grayscale-gbtc-discount-hits-22-month-low-amid-optimism-for-u-s-secs-bitcoin-etf-approval/" rel="noopener noreferrer nofollow">$GBTC at a discount to its value in anticipation of profits from its premium</a>, but since its premium became a discount, many investors have been exiting the ETF.&nbsp;
Despite this deviation, other spot Bitcoin ETF market trends were consistent. The Farside report indicated that BlackRock’s $IBIT remained the most preferred investment option for investors seeking exposure to Bitcoin. The ETF recorded the largest net inflow for the trading day, at $150.5 million, whereas the others had significantly lower amounts.
Meanwhile, there has been <a style="color: #0000ff;" href="https://defi-planet.com/2024/03/bitcoin-etfs-records-15-million-positive-net-flow-comeback-as-btc-price-rebounds/" rel="noopener noreferrer nofollow">a notable correlation between spot Bitcoin ETFs’ net inflow and Bitcoin’s price</a>, with increased net inflows often corresponding to substantial price growth for Bitcoin. For example, on Monday, March 1, Bitcoin ETFs experienced a net outflow of $85.7 million, which coincided with a price drop for Bitcoin from $71,481 to $68,081. The price further declined to a low of $64,518 before rebounding when t<a style="color: #0000ff;" href="https://defi-planet.com/2024/03/u-s-spot-bitcoin-etfs-record-three-days-of-consecutive-net-outflows-bitmex-report/" rel="noopener noreferrer nofollow">he ETF market recorded negative net flows for three consecutive days</a>.
Bitcoin is currently trading at around $66,660, according to <a style="color: #0000ff;" href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">data from CoinMarketCap</a>.
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The post <a href="https://defi-planet.com/2024/04/spot-bitcoin-etfs-update-gbtc-loses-top-spot-as-arkb-hits-88m-outflow-on-tuesday/" rel="noopener noreferrer nofollow">Spot Bitcoin ETFs Update: GBTC Loses Top Spot as ARKB Hits $88M Outflow on Tuesday</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Spot Bitcoin ETFs Update: GBTC Loses Top Spot as ARKB Hits $88M Outflow on Tuesday

DeFi Planet

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