Categories: Bitcoin Latest News

Bitcoin Spot ETFs See 4 Consecutive Days Of Outflows, Here’s What Happened Last Time

Bitcoin Spot ETF outflows have ramped up this week and has seen the week characterized by price declines throughout the crypto space. These outflows, like before, are being led by the Grayscale Spot ETF as investors believe their fees are too high. This has led to four consecutive week of outflows, which is the second time it is happening since Spot ETFs were approved for trading. So, where does the Bitcoin price go from here?

Bitcoin Spot ETFs Hit 4 Consecutive Days Of Outflows

The outflows began on Monday and continued into subsequent days. So far, the highest single-day outflow happened on Tuesday, March 19, with total net flows for the day coming out to $326.2 million, a new record for Bitcoin funds.

Subsequent days have seen lower figures when it comes to overall net flows but they continue to come out in the negative. On Wednesday, net flows were $261.5 million, and on Thursday, March 22, net flows came out to $94 million. This marked the second time that the Spot Bitcoin ETFs are seeing four consecutive days of outflows this year.

The vast majority of these outflows, as mentioned above, are coming from the Grayscale Bitcoin ETF. In the last day alone, the fund saw outflows of 5,900 BTC, which translates to $339 million at current prices. Then, over the last week, Coinglass data shows that 28,207.5834 BTC has left the fund, causing its total BTC under management to fall by 7.35% in one week.

Other funds have also seen outflows during this time but to a much lower degree. For example, the Invesco Galaxy Bitcoin ETF saw the second-highest outflow of all the funds, but only 667 BTC flowed out of the fund in the last day. The WisdomTree Bitcoin Fund saw 10.8.2635 BTC in outflows, while all other outflow figures came in below 100 BTC.

What Happened To BTC The Last Time?

The last time that Spot Bitcoin ETFs saw four consecutive days of outflows was in January, lasting from January 22 to January 25. This also bears some similarities to the current outflow trend in some was, one of which was the outflows began at the start of the week and carried through to the end.

However, a difference between both times is that the ETFs had just begun trading with trading days fluctuating between inflows and outflows. Meanwhile, the current trend has come after almost two consecutive weeks of inflows, something that could have an impact on the BTC price going forward.

In January, after four days, the outflows had begun to slow down, and by Friday, there was a change in direction, with inflows beginning to dominate. Once the tide turned and ETF inflows began to rise, the BTC price followed sharply.

With the climb came a more established rally in the Bitcoin price, causing it to go from $40,000 to over $70,000 in the space of two months. If this trend repeats and inflows into Spot BTC ETFs outpace outflows, then the BTC price is expected to start climbing again. However, if the outflows continue, then the BTC price could be in for further crashes.

[#item_full_content]NewsBTCRead More

Recent Posts

Bitcoin’s Market at a Crossroads: Are Long-Term Holders Signalling a Correction or a Rally?

The role of Bitcoin long-term holders (LTHs) has again come under the microscope of analysts…

44 minutes ago

Analyst Says Bitcoin Price At $100,000 Is A ‘Dangerous Zone’, Predicts Massive Crash

The Bitcoin price recently achieved a monumental milestone, crossing the $100,000 threshold for the first…

7 hours ago

The Joule Paradox: Energy sets the value of bitcoin and bitcoin sets the value of energy

Early in our thinking about the interaction between bitcoin and energy it became obvious to…

11 hours ago

Did Hawk Tuah Crypto Debacle Eclipse Bitcoin’s $100K Moment?

One bitcoin is worth $100,000 — a milestone that has <a href="https://www.coindesk.com/business/2024/12/05/bitcoin-at-100-k-industry-reaction" target="_blank">crypto OGs in…

12 hours ago

Crypto Daybook Americas: It’s Glass Half Full Despite Record Short Bitcoin ETF Volume

By Omkar Godbole (All times ET unless indicated otherwise) You know how it feels when…

15 hours ago

Has Bitcoin Reached Its Cycle Top? Insights From Leading Analysts

Bitcoin experienced extreme volatility yesterday after reaching a new all-time high of $104,088 on Wednesday.…

15 hours ago