According to the latest daily update, Grayscale's GBTC is no longer in the lead by daily outflows despite bleeding $82 million.
On Apr. 2, it was surpassed by Ark Invest's ARKB, which recorded $88 million worth of outflows.
This comes as the price of Bitcoin is struggling to regain momentum. Earlier today, it crashed to as low as $64,673, according to CoinGecko data.
As reported by U.Today, Bitcoin ETFs managed to trade an eye-popping $111 billion in March. However, they are unlikely to match this volume in April due to waning demand.
That said, it is worth mentioning that Bitcoin ETFs still experienced $38.8 million in net inflows on Apr. 2. BlackRock's IBIT, of course, accounts for the majority of inflows. Fidelity's FBTC comes in second place.
Who's behind the Bitcoin crash?
On Tuesday, the price of the largest cryptocurrency experienced a significant drop. According to a recent report published by Bloomberg, the drop was largely driven by automated trading protocols in Asia reacting to Bitcoin ETF data.
As noted by trading firm Arbelos Markets, bots are capable of placing orders based on scraped ETF data. Hence, this could have a significant influence on the market.
The fact that Bitcoin's performance was particularly strong in early March when inflows were strong supports this theory.
At the same time, leading analyst Eric Balchunas recently dismissed the impact of Bitcoin ETFs on the price of the largest cryptocurrency, arguing that there are bigger forces in play.
Valeria Blokhina
Vladislav Sopov
Gamza Khanzadaev
