Bitcoin ETFs Bleed For One Week Straight – Can Price Recover To $73,000?

Last week was rough for Spot Bitcoin ETFs as they failed to attract strong inflows day after day. As a result, these Spot Bitcoin ETFs witnessed consecutive daily outflows every day last week, indicating the bullish sentiment among institutional traders might actually be waning. This seems to have been reflected in the price of Bitcoin, as the cryptocurrency fell to as low as $61,370 during the week.  Related Reading: Fantom (FTM) Bull Run: Can FTM Hit $2 After 20% Price Spike? Bitcoin ETFs See Sustained Outflows Investor interest in Spot bitcoin ETFs skyrocketed throughout February and early March amid Bitcoin’s bull run, pushing its price to an all-time high of $73,737. This maximum investor interest saw the ETFs setting new trading records for exchange-traded funds in the US. However, these ETFs have now set a negative record of five consecutive days of outflows to beat a four-day outflow streak set in January. According to data from BitMEX Research, these ETFs witnessed five days of consecutive outflows of $154.4 million, $326.2 million, $261.6 million, $93.1 million, and $51.6 million. At the same time, Grayscale’s GBTC set a new record for the most daily outflow. BitMEX also reveals that the world’s largest crypto asset manager saw redemptions of 9,539.7 BTC worth over $642.5 million on Monday, the largest single-day outflow in GBTC’s history. [1/4] Bitcoin ETF Flow – 22 March 2024 All data in. 5th day of net outflows. $52m total net outflow for the day. Blackrock with a record low inflow of $18.9m pic.twitter.com/63u297xh8d — BitMEX Research (@BitMEXResearch) March 23, 2024 Grayscale’s outflow wasn’t particularly surprising, considering that the fund has witnessed consistent daily outflow since its launch. The surprise came from very weak inflow into other Spot ETFs like BlackRock (IBIT) and Fidelity (FBTC), whose huge inflows have always offset outflows from GBTC.  Particularly noteworthy is the fact that Blackrock (IBIT), which has consistently been the target of the majority of inflow, established a new inflow low of $18.9 million on Friday, March 22. Fidelity, on the other hand, also saw its inflow fall to as low as $5.9 million on Monday, March 18. Bitcoin is now trading at $65.122. Chart: TradingView Can Bitcoin Price Recover? The big question now is ……

Featured image from Pexels, chart from TradingView