On March 19, United States spot Bitcoin (BTC) exchange-traded funds (ETFs) experienced their largest recorded daily outflows.
The collective outflows across 10 funds amounted to a staggering $326 million in just one day.
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Grayscale Bitcoin Trust (GBTC), a leading BTC fund with over $23.7 billion in assets under management (AUM) as of March 19, had the most significant loss, with $443.5 million exiting the fund.
Other ETFs managed to buck the trend, as per Farside Investors. BlackRock's iShares Bitcoin Trust (IBIT) led with net inflows of $75.2 million, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) with $39.6 million, and the Bitwise Bitcoin ETF (BITB) with $2.5 million.
Negative BTC ETF inflows, accompanied by other factors like the Solana memecoin mania, have led to a challenging period for Bitcoin. The cryptocurrency's value dipped to around $62,000, a 15% decline from its recent peak of over $73,000.
Investors will be watching closely as they reevaluate the stability and attractiveness of cryptocurrency as an investment class in light of these significant financial movements.
As for Ether (ETH) ETFs, the SEC has postponed its decision on applications from BlackRock and Fidelity. Analysts direct to May 23 for potential updates or decisions.
