Ark Invest’s spot bitcoin ETF sees daily net outflow of $87 million

Ark Invest 21Shares’ ARKB fund saw net outflows of $87.5 million on Tuesday, the highest since its debut, according to data from SoSoValue. 

The amount surpasses outflows seen from Grayscale’s GBTC, which recorded $81.9 million on the same day. Just on Monday, ARKB experienced net outflows for the first time since its debut, with about $300,000 leaving the fund. 

BlackRock’s IBIT logged the highest net inflow of $150.5 million, followed by Fidelity’s fund which added $44.8 million to its fund. Spot ETFs from VanEck and Bitwise saw inflows in the range of three to five million dollars.

In total, the 11 U.S. spot bitcoin ETFs saw a combined net inflow of about $39.47 million, SoSoValue data showed.

Bitcoin price fall

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The outflows in spot bitcoin ETFs coincided with bitcoin’s price slip on Tuesday. The world’s largest cryptocurrency was trading at $65,881 at 11:30 p.m. EST on Tuesday, down 1.4% in the past 24 hours, according to The Block’s price page . Bitcoin dropped over 6.6% over the past seven days.

Bitcoin halving is expected to take place later this month, which has been a bearish event historically but was followed by a long-term bullish cycle, Justin d'Anethan, head of APAC business development at Keyrock, told The Block on Monday.

Morgan Creek Capital Management CEO Mark Yusko said in a previous interview with CNBC that halving will bring a lot of interest into bitcoin and stir up FOMO (or fear of missing out) among investors, and eventually lead the cryptocurrency’s value up to $150,000 by the year-end. 

Meanwhile, the GMCI 30 Index , representing the selection of the top 30 cryptocurrencies, fell 1.2% in the last 24 hours.