For The Third Day In A Row, Spot Bitcoin ETFs Had Net Outflows Of $261M

0
65
Bitcoin

Exchange-traded funds (ETFs) that track the market price of Bitcoin in the United States are down $64,424 for the third day in a row. On March 20, $261.5 million was taken out of the ten authorized funds. The GBTC, which lost $386.6 million on another strong day, was mostly to blame for the outflow; $10.2 million also left the Invesco Galaxy Bitcoin ETF (BTCO). The trickle of inflows from the eight other authorized ETFs was eventually overshadowed by both.

According to Farside Investor’s statistics, net withdrawals on March 18 and 19 were $154.3 million and $326.2 million, respectively, bringing the three-day total to $742 million. 

Bitcoin Continues To Fall From The Record Set By Itself

The Fidelity Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT) both recorded their second-lowest-ever net inflow days, coming in at $12.9 million and $49.3 million, respectively. This is just $4 million higher than their daily low of February 6.

According to Cointelegraph Markets Pro, it increased by more than 3% during US trading hours and by 7.5% over a day to trade at $66,838, As the countdown to the blockchain’s halving, in which mining incentives are reduced by 50%, approaches its last month, has fallen throughout the past week from its record high set on March 14. Bitcoin has historically declined in the days preceding the halving, and as the event approaches its last 30 days, it has behaved similarly this time as well.