Negative flows hit Spot Bitcoin ETFs as GBTC loses $642M in a single day.

Bitcoin experienced a massive outflow of over $640 million from Grayscale’s spot Bitcoin exchange-traded fund (ETF) on March 18, making it the largest day of outflows for the fund since its conversion to a spot ETF on January 11. Fidelity’s Bitcoin ETF, the second-largest fund, also saw a significant decrease in inflows, with just $5.9 million on that day, its lowest ever. These outflows resulted in a net outflow of $154.3 million for spot Bitcoin ETFs. At the same time, the price of Bitcoin has dropped by 10.5% from its all-time high of $73,797 on March 14. Market commentators have attributed the depressed price to slowing Bitcoin ETF flows, the upcoming halving event, and the Federal Reserve’s Federal Open Market Committee meeting on March 20. However, some analysts remain optimistic about Bitcoin ETF flows in the future. Grant Engelbart, vice president of investment firm Carson Group, mentioned that only a few of their advisers had clients investing in Bitcoin ETFs, with an average investment ratio of 3.5% of total funds. Bloomberg ETF analyst Eric Balchunas agreed with this sentiment, stating that only a handful of early adopters have allocated a significant amount to spot Bitcoin ETFs. Balchunas also suggested that Bitcoin ETF inflows could continue to increase in the future. Other commentators highlighted the remaining Bitcoin holdings in Grayscale’s Bitcoin Trust, around 370,000 BTC, as a reason to be bullish about ETF flows in the long term. Despite these developments, security analyst defends his crypto scam franchise inside Pink Drainer.