on March 22 Bitcoin spot ETFs witnessed significant net outflows, with money withdrawn for the fourth consecutive day. Total net outflow reached $93.85 million, reflecting investor sentiment amid ongoing market volatility.
Bitcoin Spot ETFs Experience Significant Outflows Amid Volatility
Leading the outflows was Grayscale ETF GBTC, which recorded a staggering single-day net outflow of $358 million.
This brings GBTC’s historical net outflow to $13.63 billion, marking a significant shift in investor position regarding Bitcoin.
In contrast, amid outflows, BlackRock ETF IBIT emerged as the Bitcoin spot ETF with the highest single-day net inflow.
IBIT exhibited the opposite trend in investor behavior, with a significant net inflow of $233 million. With this latest inflow, IBIT’s total net inflow reached $13.32 billion. Fidelity, on the other hand, made a net inflow of 2.9 Million dollars.
The contrasting movements between GBTC and IBIT highlight the different sentiments prevailing in the market. While some investors appear to be withdrawing from Bitcoin-related assets, others are taking advantage of the market downturn and increasing their exposure. However, it is necessary to know that most of the outflows in GBTC are also due to high transaction fees.
Bitcoin’s recent price fluctuations and uncertainties regarding regulatory developments have contributed to volatility in the cryptocurrency market.
Such dynamics often prompt investors to re-evaluate their positions and adjust their portfolios accordingly.
*This is not investment advice.
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