According to the latest report by BitMEX Research, U.S. spot Bitcoin exchange-traded funds (ETFs) recorded a cumulative negative net flow of about $262 million for the trading day ending March 20, 2024. This marks the third consecutive day of significant outflows for the funds, which has so far resulted in a total loss of $742 million.
Among the notable outflows, Grayscale’s $GBTC saw the highest at $386.6 million, continuing its streak of consistent outflows since its launch in January 2024. However, the overall net flow was partially offset by positive inflows observed in ETFs offered by other entities such as BlackRock, Fidelity Investments, Bitwise, and Ark Invest.
Since their inception, US-listed Bitcoin funds have attracted over $11.42 billion in cumulative positive flow, balancing out Grayscale’s outflows. However, recent positive inflows have tapered, particularly following the sharp Bitcoin price drop. BlackRock’s iShares Bitcoin Trust $IBIT, which holds the record for the most single-day inflow, only saw $49.3 million, the lowest in the past 18 trading days.
Based on data provided by BitMEX Research, Bitcoin ETFs have experienced negative cumulative net flows only five times since their launch in January. Three of these instances happened in the past few days. On March 19, 2024, the funds registered their largest single-day outflow to date, amounting to approximately $326 million. Notably, inflows to these funds plummeted by 87% in March.
The recent decline in both U.S. spot Bitcoin ETFs and Bitcoin’s price signals growing unease and scepticism among investors. In the last two weeks, Bitcoin’s price has declined from an all-time high of $73,750 to a two-week low of $61,662. The token is currently trading at around $67,600.
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