Bitcoin Spot ETFs See Net Outflow on Third Consecutive Day
Bitcoin spot exchange-traded funds (ETFs) in the United States have witnessed a three-day streak of net outflows, with a total of $261.5 million leaving the ten approved funds on March 20.
This brings the cumulative net outflows over the three days to $742 million, as data from Farside Investors indicates .
On March 18 and 19, net outflows amounted to $154.3 million and $326.2 million, respectively.
According to SoSoValue data, on March 20, the total net outflow of Bitcoin spot ETFs was $261 million, marking three consecutive days of net outflows.
The ETF GBTC had a single-day net outflow of $386 million, with GBTC's total historical net outflow reaching $13.27 billion.… pic.twitter.com/8yAN4N917x
— Wu Blockchain (@WuBlockchain) March 21, 2024
The main contributor to the outflows was the Grayscale Bitcoin Trust (GBTC), which experienced an outflow of $386.6 million.
The Invesco Galaxy Bitcoin ETF (BTCO) also saw $10.2 million exit the fund. These outflows overshadowed the minimal inflows from the other eight approved ETFs.
The BlackRock iShares Bitcoin Trust (IBIT) had its second-lowest net inflow day at $49.3 million, just $4 million higher than its daily low on February 6.
Similarly, the Fidelity Wise Origin Bitcoin Fund (FBTC) had a relatively low inflow day at $12.9 million.
This marks the second-highest net outflow day for the ten ETFs, with the highest being the $326.2 million outflow on March 19.
In contrast, Bitcoin experienced a gain of over 3% during U.S. trading hours and has seen a 7.5% increase over the past 24 hours, reaching a trading price of $66,838.
Over the previous week, BTC has declined from its record high on March 14 as the countdown to the blockchain’s halving, where mining rewards are
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