Cathie Wood's ARK 21Shares Bitcoin exchange-traded fund (ETF) has seen a significant $87 million outflow, marking the first time it has exceeded Grayscale's Bitcoin Trust (GBTC) in daily outflows since the introduction of spot Bitcoin ETFs in the United States. The outflow from ARKB was $87.5 million on April 2, equivalent to around 1,300 BTC. This is the second consecutive day of outflows for ARKB, which lost $300,000 in assets on April 1.

Grayscale has been consistently experiencing outflows every trading day since becoming a spot ETF and recorded an outflow of $81.9 million. This outflow for Grayscale was relatively low compared to its daily average of $254 million over the past five trading days. Grayscale has lost approximately $15.1 billion in total over the last three months.

Despite recent outflows, ARKB is ranked as the third-largest of the ten newly launched spot ETFs. It has $2.2 billion in assets under management (AUM), coming behind BlackRock and Fidelity funds with AUMs of $14.1 billion and $7.6 billion, respectively. ARKB holds the sixth-largest amount of BTC among funds, corporations, and miners, with a total of 44,662 BTC.

On the other hand, GBTC saw an outflow of 291,000 Bitcoin since its ETF conversion but remains the leader in terms of total Bitcoin held, with around 329,000 Bitcoin. The price of Bitcoin has been decreasing since the beginning of the month and fell by 9% from last week's high, dropping below $65,000 on April 3 amid ETF outflows.

The market also saw the launch of the first-ever 2x and -2x leveraged spot Bitcoin ETFs. These funds trade under the tickers BITU and SBIT, and are expected to be among the top 5 most volatile ETFs in the United States, according to Bloomberg ETF analyst Eric Balchunas. In March, Bitcoin ETFs traded approximately $111 billion in volume, almost triple the volume traded in February and January combined.