US Bitcoin ETFs Experience Record Net Outflow of $326 Million

According to the report, Grayscale Bitcoin Trust Shares ($GBTC) experienced the most substantial net outflow, totalling a staggering $443.5 million. On the flipside, BlackRock recorded the most significant inflow, with $75 million flowing into its portfolio on the same day. Fidelity Investment’s $FBTC and Bitwise’s $BITB followed in the same footsteps; both saw $39.6 million and $2.5 million inflows on the same day, respectively. The remaining six funds reported zero net flow in their respective portfolios.

So far in 2024, $GBTC has witnessed over $12.88 billion in outflows, surpassing many of its counterparts in terms of total withdrawals. However, $GBTC still holds the largest portfolio in terms of assets under management (AUM) among the ten ETFs available in the market, with over $23.29 billion in its portfolio. This is significantly higher than the next fund on the list, BlackRock’s $iBIT, which boasts an AUM worth over $15.43 billion.

The prevailing market speculation is that investors may have begun withdrawing their funds from the ten ETFs due to growing uncertainty surrounding the crypto market and Bitcoin’s trading price. CoinMarketCap’s Fear & Greed indicator is now at 70, indicating a -23.07% decrease from the high of 91 observed on March 14.

Meanwhile, Bitcoin’s substantial price decline in the past seven days has affected the entire crypto market. According to CoinMarketCap data, the token’s market capitalization declined from a peak of $2.7 trillion on March 14 to a low of $2.3 trillion on March 17. Currently, the entire crypto market has a market cap of $2.38 trillion, marking a 1.18% increase from the previous day’s volume and a 13.88% decline from its 7-day value.

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