Bitcoin Spot ETFs Witness Third Consecutive Day of Outflows

In the last three days, exchange-traded funds (ETFs) have recorded a steady trend of withdrawals, with a total of $261.5 million leaving the 10 approved funds on March 20. In total, Outflows have reached $742 million, with March 18 and 19 recording $154.3 million and $326.2 million, respectively, according to Farside Investor data.

The outflow was mainly due to a consecutive day of withdrawals by the Grayscale Bitcoin Trust (GBTC), which saw the fund lose $386.6 million, while the Invesco Galaxy Bitcoin ETF (BTCO) also saw a $10.2 million withdrawal . Both of these events obscured small inflows from eight other ETFs.

Flows for all 10 U.S. spot Bitcoin ETFs, green row highlights March 20. Source: Farside Investors

BlackRock’s iShares Bitcoin Trust (IBIT) recorded its second-lowest withdrawal ever, at $49.3 million – just slightly above its daily low on February 6. Fidelity Wise Origin Bitcoin Fund (FBTC) also experienced a day with low net inflows, at $12.9 million.

Overall, this was the second-highest day of net inflows for the 10 ETFs, just $326.2 million less than March 19.

Meanwhile, Bitcoin’s price rose more than 3% during US trading hours and recorded a 7.5% increase in 24 hours, trading at $66,838. Last week, BTC fell from its record high on March 14, as the countdown to the blockchain’s halving event – where mining rewards are cut by 50% – entered its final month. History shows that BTC often drops in price before the halving event and this situation is no exception when the event is near, with the last 30 days before the halving event, according to CoinMarketCap data.