Bitcoin ETFs Experience Third Consecutive Day of Net Outflows, Losing $261 Million

Bitcoin exchange-traded funds (ETFs) in the United States have experienced three consecutive days of net outflows, with $261.5 million leaving the 10 approved funds on March 20. This brings the total net outflows over the three days to $742 million, as March 18 and 19 saw net outflows of $154.3 million and $326.2 million respectively, according to Farside Investors data. The outflows were primarily due to the Grayscale Bitcoin Trust (GBTC) experiencing outflows of $386.6 million, while the Invesco Galaxy Bitcoin ETF (BTCO) also saw $10.2 million exit the fund. These outflows surpassed the inflows from the other eight approved ETFs. The iShares Bitcoin Trust (IBIT) by BlackRock had its second-lowest net inflow day at $49.3 million, just $4 million more than its lowest day on February 6. Similarly, the Fidelity Wise Origin Bitcoin Fund (FBTC) had a low inflow day at $12.9 million. The $261.5 million outflow on March 20 is the second-highest net outflow day for the 10 ETFs, only surpassed by the $326.2 million that left the funds on March 19. Meanwhile, Bitcoin experienced a 3% gain during U.S. trading hours and a 7.5% gain over 24 hours, reaching a price of $66,838, according to Cointelegraph Markets Pro. Over the past week, BTC has declined from its record high on March 14 as the countdown to the halving of the blockchain approaches its final month. Historically, BTC has fallen leading up to the halving, and this pattern continues as the event enters its final 30 days, according to CoinMarketCap data.