US-based Bitcoin ETFs (exchange-traded funds) have faced significant challenges regarding investor participation and interest over the last few weeks. In the final week of February, these crypto-based financial products experienced a staggering $1.14 billion single-day withdrawal.
The situation did not improve as March commenced, with Bitcoin ETFs registering a net outflow of nearly $800 million in the past week. This ongoing trend indicates a shift in the appetite and sentiment of institutional investors in the United States.
Bitcoin ETFs Post $409 Million Daily Net Outflow
According to the latest market data, the United States Bitcoin ETF market recorded a daily net outflow of approximately $409 million on Friday, March 7. This event marked the fifth consecutive day of withdrawals for Bitcoin exchange-traded funds.
The Ark & 21 Shares Bitcoin ETF (ticker ARKB) experienced the most substantial volume of withdrawals, exceeding $160 million on that Friday. This was closely followed by the Fidelity Wise Origin Bitcoin Fund (FBTC), which reported net outflows of around $155 million by the end of the week.
Additionally, BlackRock’s Bitcoin Trust (IBIT), recognized as the largest Bitcoin exchange-traded fund by net assets, saw a decline in net value of $39.85 million on Friday. Grayscale’s Bitcoin Trust (GBTC) and Bitwise’s BTC fund (BITB) recorded total outflows of roughly $36.5 million and $18.6 million, respectively, that day.
Interestingly, VanEck’s Bitcoin fund (ticker HODL) was the only US-based Bitcoin ETF that registered a net inflow on Friday, adding approximately $617,500 in value to close the week.
This performance marked the fifth straight day of net outflows for Bitcoin ETFs, with these crypto-based products yet to record an inflow day in March since their last net daily inflow on February 28.
The recent $409 million withdrawal contributed to a total weekly net outflow of $799.9 million for Bitcoin ETFs, which represents the fourth consecutive week (and the second-highest ever) of net outflows for these crypto exchange-traded funds.
Bitcoin Price At A Glance
The recent performance of BTC exchange-traded funds parallels the sluggish price action of Bitcoin itself during this period. The cryptocurrency has struggled to maintain any positive momentum despite the somewhat improving crypto climate in the United States.
As of this writing, Bitcoin is valued at approximately $86,100, reflecting a decline of over 1% in the past 24 hours. However, Bitcoin’s price has seen an increase of more than 2% over the week, as reported by CoinGecko.
