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Bitcoin ETF Outflows in the US
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.
Overview of Recent Outflows
- March 18: Net outflows amounted to $154.3 million
- March 19: Net outflows reached $326.2 million
- March 20: Total net outflow of Bitcoin spot ETFs was $261 million
GBTC Outflows Persist
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.
Market Performance and Outlook
In contrast to the outflows, 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. Despite the current downturn, the outlook for Bitcoin remains optimistic among many investors and market analysts.
Factors Affecting Bitcoin’s Value
- Approval of spot Bitcoin ETFs in January
- Anticipation of the upcoming Bitcoin halving event
- Record weekly inflows into digital asset investment products
Grayscale’s Fee Reduction Plans
Meanwhile, Grayscale plans to gradually reduce fees on its flagship product as outflows soar to $12 billion. Grayscale CEO Michael Sonnenshein anticipates fee reductions for the Grayscale Bitcoin Trust ETF in the coming months as the crypto ETF market matures.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
