Cathie Wood's ARK Bitcoin ETF Posts Record $87M Outflow As Crypto Market Faces Correction

Cathie Wood’s ARK 21Shares Bitcoin ETF ARKB ARKB reported significant outflows of capital, recording a loss of $87 million on Tuesday. 

What Happened: This figure, translated into Bitcoin BTC/USD, is approximately 1,300 BTC, as per the preliminary figures released by Farside Investors. 

This withdrawal event is notable for being the fund’s most substantial daily loss to date, surpassing that of Grayscale's Bitcoin Trust GBTC for the first time since the inception of the spot Bitcoin ETF in the United States.

The ARKB fund declined after it lost another $300,000 on April 1, marking its first-ever day of outflows. 

Meanwhile, Grayscale experienced a lower outflow of $81.9 million on the same day, though it has averaged a loss of $254 million a day for the past week.

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Why It Matters: According to HOD 15 Capital’s data, ARKB is the sixth-largest Bitcoin holder among funds, corporations, and miners.

Grayscale's Bitcoin Trust continues to be the leading entity in Bitcoin ownership among similar investment vehicles, with around 329,000 Bitcoins in their possession. However, it has seen a reduction of 291,000 Bitcoin since it transitioned to an ETF.

The cryptocurrency market is seemingly in a correction phase, with Bitcoin's price retracting approximately 11% from its recent peak of $71,400 and experiencing a dip below the $66,000 level on April 3 amidst the outflows from ETFs.

Price Action: At the time of writing, BTC was trading at $66,248., down 10.56% in the last 24 hours.

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Image made via photos on Flickr by WEF and Shutterstock