March Sees Major Outflows for U.S. Bitcoin and Ethereum ETFs as Bearish Sentiment Grows
In March, the performance of U.S.-based spot Bitcoin exchange-traded funds (ETFs) saw a significant decline, with many experiencing net outflows, while analysts predict a bearish Bitcoin trend that could persist for up to a year.
According to data from Farside Investors, Bitcoin ETFs faced net outflows that outpaced their inflows throughout March. BlackRock’s iShares Bitcoin Trust ETF (IBIT) was hit hardest, with outflows of $552 million and only $84.6 million in inflows. Similarly, Fidelity’s Wise Origin Bitcoin Fund (FBTC) experienced outflows exceeding $517 million, while its inflows amounted to just $136.5 million.
Grayscale’s Bitcoin Trust ETF (GBTC) also saw outflows of over $200 million without any recorded inflows. However, Grayscale’s Bitcoin Mini Trust ETF (BTC) stood out by avoiding any net outflows and instead saw over $55 million in inflows.
Collectively, spot Bitcoin ETFs in the U.S. saw over $1.6 billion in outflows during the first half of March, while inflows only totaled $351 million, leading to a net outflow of almost $1.3 billion. This trend mirrors the underperformance of ETH-based investment products, which also saw significant losses.
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BlackRock’s iShares Ethereum Trust ETF (ETHA) had $126 million in outflows, with no inflows, while Fidelity’s Ethereum Fund (FETH) experienced outflows of $73 million and a mere $21 million in inflows. Ethereum ETFs as a whole recorded negative results for most of March, although there was a brief spike in inflows on March 4.
This downturn in crypto ETFs aligns with the growing bearish sentiment in the market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
