Bitcoin Spot ETFs See Net Outflow on Third Consecutive Day

Bitcoin spot exchange-traded funds (ETFs) in the United States have witnessed a three-day streak of net outflows, with a total of $261.5 million leaving the ten approved funds on March 20. This brings the cumulative net outflows over the three days to $742 million, as data from Farside Investors indicates. On March 18 and 19, net outflows amounted to $154.3 million and $326.2 million, respectively.GBTC Outflows PersistThe main contributor to the outflows was the Grayscale Bitcoin Trust (GBTC), which experienced an outflow of $386.6 million. The Invesco Galaxy Bitcoin ETF (BTCO) also saw $10.2 million exit the fund. These outflows overshadowed the minimal inflows from the other eight approved ETFs.The BlackRock iShares Bitcoin Trust (IBIT) had its second-lowest net inflow day at $49.3 million, just $4 million higher than its daily low on February 6. Similarly, the Fidelity Wise Origin Bitcoin Fund (FBTC) had a relatively low inflow day at $12.9 million.This marks the second-highest net outflow day for the ten ETFs, with the highest being the $326.2 million outflow on March 19.In contrast, Bitcoin experienced a gain of over 3% during U.S. trading hours and has seen a 7.5% increase over the past 24 hours, reaching a trading price of $66,838.Over the previous week, BTC has declined from its record high on March 14 as the countdown to the blockchain’s halving, where mining rewards are halved, enters its final month. Historical data from CoinMarketCap shows that Bitcoin typically experiences a fall leading up to the halving, and this pattern seems to be repeating as the event approaches its final 30 days.