Spot Bitcoin ETFs suffer third straight day of net outflows, $261M bled
United States-listed spot Bitcoin ETFs have now bled around $742 million in just three trading days.
United States spot Bitcoin ( BTC ) exchange-traded funds (ETFs) have now marked their third straight day of total net outflows, with $261.5 million leaving the ten approved funds on March 20.
It brings three-day net outflows to $742 million as March 18 and 19 saw respective net outflows of $154.3 million and $326.2 million, per Farside Investors data .
The outflow was due mainly to another solid day of outflow from the Grayscale Bitcoin Trust (GBTC), which bled $386.6 million, while Invesco Galaxy Bitcoin ETF (BTCO) also saw $10.2 million exit the fund. Both came to eclipse the trickle of inflows from the eight other approved ETFs.
BlackRock’s iShares Bitcoin Trust (IBIT) had its second-lowest-ever net inflow day at $49.3 million — just $4 million more than its daily low of Feb. 6, and the Fidelity Wise Origin Bitcoin Fund (FBTC) similarly had a runner-up low inflow day at $12.9 million.
Flows for all 10 U.S. spot Bitcoin ETFs, green row highlights March 20. Source: Farside InvestorsIt’s the second-highest net outflow day for the ten ETFs, beaten only by $326.2 million that left the funds on March 19.
Meanwhile, Bitcoin gained over 3% during U.S. trading hours and has seen a 7.5% gain over 24 hours to trade at $66,838, according to Cointelegraph markets Pro.
Bitcoin’s 24-hour price in UTC hit an intraday bottom of just below $60,900. Source: Cointelegraph Markets ProOver the previous week, BTC has slid from its March 14 record high as the countdown to the blockchain’s halving — where mining rewards are cut 50% — enters into its final month.
Historically, BTC has fallen in the lead-up to the halving, and it has followed a similar pattern this time around as the event enters into the final 30 days, per CoinMarketCap data.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Is Etherem’s Dominance a Threat to Solana’s Future?
Palantir CEO Alex Karp Nets $254.6M from Strategic Stock Sale as Shares Surge
Retail Investors Missing as Bitcoin Climbs—Is the Market Shifting Towards Institutions?