Cathie Woods ARK 21Shares Bitcoin exchange-traded fund (ETF) recorded net outflows exceeding $87 million on Tuesday, marking the highest outflow since its inception, as per data from Farside Investors.

The outflows exceeded the amount seen from Grayscales GBTC, which recorded $81.9 million in outflows on the same day.

Ark Invest Sees Second Day of Outflows

On April 2, Ark 21Shares Funds (ARKB) outflows amounted to $87.5 million, equivalent to roughly 1,300 BTC. This marked the second consecutive day of outflows for ARKB, with $300,000 on April 1, its first-ever day of being net negative.

Grayscale, which has consistently experienced outflows since converting to a spot Bitcoin ETF, also recorded another negative day.  However, the total number was relatively low on this occasion since it averaged $254 million per day in the past five trading days.

Over the past three months, the ETF has experienced a total outflow of around $15.1 billion. Despite this, GBTC remains the largest holder of Bitcoin among all funds, corporations, and miners, with approximately 329,000 BTC held.

Despite the recent consecutive outflows, ARKB remains the third-largest among the ten newly launched spot ETFs, excluding Grayscale, with $2.2 billion in assets under management (AUM). Additionally, ARKB ranks sixth in Bitcoin holdings among funds, corporations, and miners, currently holding 44,662 BTC.

On the other hand, BlackRocks IBIT saw the highest net inflow of $150.5 million, followed by Fidelitys fund, which added $44.8 million. VanEck and Bitwises spot Bitcoin ETFs also experienced inflows ranging from three to five million dollars each.

In total, the 11 U.S. spot Bitcoin ETFs collectively saw a net inflow of approximately $39.47 million.

Spot Bitcoin ETFs Volume Rebounds

In March, trading volume for spot Bitcoin exchange-traded funds (ETFs) surged to $111 billion, nearly tripling the volume recorded in February.

Bloomberg ETF analyst Eric Balchunas revealed that spot Bitcoin ETF trading volume reached $111 billion in March, compared to $42.2 billion in February.

Despite closing March with a slight dip and modest recovery, net flows to Bitcoin ETFs began the month of April in negative territory, with outflows totaling $85.7 million on April 1. However, spot Bitcoin ETFs have since managed to rebound.

The price of Bitcoin has experienced a decline since the start of April, dropping approximately 9% from last weeks high of $71,500. On April 2, Bitcoin briefly dipped below $65,000 amid decreasing outflows from ETFs.