March 27, 2024
U.S. Bitcoin ETF Outflows Continue, $261.5M Leaves Market
Bitcoin ETF

U.S. Bitcoin ETF Outflows Continue: $261.5M Leaves Market

U.S. spot Bitcoin exchange-traded funds (ETFs) have faced their third consecutive day of total net outflows, with a substantial $261.5 million exiting the 10 approved funds on March 20. This brings the total three-day net outflows to $742 million, following respective net outflows of $154.3 million on March 18 and $326.2 million on March 19, according to data from Farside Investors.

Flows for all 10 U.S. spot Bitcoin ETFs, green row highlights March 20. Source: Farside Investors

Main Contributors to Outflows

The bulk of the outflows stemmed from the Grayscale Bitcoin Trust (GBTC), which experienced a significant outflow of $386.6 million. Moreover, $10.2 million exited the Invesco Galaxy Bitcoin ETF (BTCO), surpassing inflows from the remaining eight ETFs.

Specific ETF Performance

BlackRock’s iShares Bitcoin Trust (IBIT) witnessed its second-lowest net inflow day at $49.3 million, only slightly higher than its daily low of $45.3 million on February 6. Similarly, the Fidelity Wise Origin Bitcoin Fund (FBTC) experienced a low inflow day at $12.9 million. On March 20, the 10 ETFs saw the second-highest net outflow day, trailing only behind March 19’s $326.2 million.

Bitcoin’s Price Movement

During U.S. trading hours, Bitcoin Price saw a gain of over 3%, with a 24-hour increase of 7.5%, bringing its price to $66,838, as reported by Markets Pro. Over the past week, Bitcoin has declined from its record high on March 14, coinciding with the countdown to the blockchain’s halving event, where mining rewards are halved. Historically, BTC has experienced a decrease in value leading up to the halving, and this trend has continued as the event approaches its final month, according to CoinMarketCap data.

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