Grayscale's Spot Bitcoin ETF Records Largest Outflow Day
At the time of reporting, Bitcoin's price is trading at $65,875, down 10.5% from its recent all-time high of $73,797.
Grayscale's spot Bitcoin ETF experienced its largest outflow day to date, with more than $640 million worth of Bitcoin (BTC) flowing out of the fund on March 18. This marked the most significant single-day outflows for the fund since its conversion to a spot ETF on January 11.
Simultaneously, Fidelity's Bitcoin ETF, the second-largest fund, saw inflows stumble to just $5.9 million, its lowest recorded day. This data comes from Farside Investors, indicating a notable shift in investor sentiment within the crypto asset management space.
Market commentators have cited various factors contributing to Bitcoin's recent price action, including slowing Bitcoin ETF flows, the upcoming halving event, and the United States Federal Reserve's FOMC meeting on March 20.
Grant Englebart, vice president of investment firm Carlson Group, shared insights on Bloomberg TV, noting that only a "handful" of their firm's advisers had seen clients allocate funds to Bitcoin ETFs, with an average investment ratio of 3.5% of total funds.
Additionally, some commentators pointed to the remaining Bitcoin holdings in GBTC (Grayscale Bitcoin Trust), approximately 370,000 Bitcoin, as a factor supporting a bullish outlook on ETF flows in the long term.
