Bitcoin Spot ETFs Outflows Continue With $261M Loss on Third Day

YEREVAN (CoinChapter.com) — U.S. Bitcoin Spot ETFs have recorded their third consecutive day of net outflows, with a notable $261.5 million withdrawn from ten funds on March 20.

This trend has led to a total of $742 million in net outflows over three days, as data from Farside Investors reveals that March 18 and 19 also saw significant withdrawals of $154.3 million and $326.2 million, respectively.

The significant outflow was primarily driven by a hefty withdrawal from the Grayscale Bitcoin Trust (GBTC), which saw $386.6 million leaving its coffers. Meanwhile, the Invesco Galaxy Bitcoin ETF (BTCO) also felt the pinch, with $10.2 million being pulled out. These sizeable outflows overshadowed the modest inflows that the other eight approved ETFs managed to attract.

The BlackRock iShares Bitcoin Trust (IBIT) experienced one of its slowest days for net inflows, with just $49.3 million coming in, barely $4 million above its all-time daily low on February 6th. Similarly, the Fidelity Wise Origin Bitcoin Fund (FBTC) also had a near-record low day, with only $12.9 million in inflows.

Bitcoin ETF Outflows Impact on Price

Amidst this, Bitcoin had a buoyant performance, climbing over 3% during the U.S. trading session. It posted a 7.5% increase over the past 24 hours, trading at $66,838. This event slashes the rewards for mining Bitcoin by half. Historically, Bitcoin’s price tends to dip as we approach the halving, and it appears to be sticking to that script this time, too.