United

Bitcoin ETF

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/record-outflows-from-us-bitcoin-exchange-traded-funds/" data-wpel-link="internal">Record Outflows from US Bitcoin Exchange-Traded Funds</a><br></p>
<p class="p1" style="text-align: justify">United States-based spot <strong><a href="https://coin-turk.com/fundstrat-acikladi-bitcoin-ne-zaman-17-000-dolara-cikacak" data-wpel-link="internal">Bitcoin</a></strong> exchange-traded funds witnessed the largest joint outflow on record on March 19, with a total of $326 million leaving 10 funds. As of March 19, Grayscale reported that the assets under management of its <a href="https://en.coin-turk.com/bitcoins-future-amid-regulatory-approvals-and-persistent-challenges/" data-wpel-link="internal">Bitcoin</a> Trust (GBTC) exceeded $23.7 billion. If the outflows continue at the current rate, GBTC could run out of assets by the end of July.</p> 
<h2 class="p1" style="text-align: justify" id="diminishing-interest-in-etf-funds">Diminishing Interest in ETF Funds</h2> 
<p class="p1" style="text-align: justify">According to Farside Investors data, Grayscale’s <strong>GBTC</strong> fund saw a net outflow of $443.5 million during the day, while BlackRock, Fidelity, and Bitwise’s ETF funds were the only ones to see net inflows. The three funds together brought in a net inflow of $117.3 million, which was the second-lowest entry day for nine new Bitcoin ETF funds, excluding GBTC.</p> 
<p class="p1" style="text-align: justify">BlackRock’s iShares Bitcoin Trust (IBIT) fund had the largest net inflow of the day with $75.2 million, while Fidelity Wise Origin Bitcoin Fund (FBTC) saw $39.6 million. Bitwise Bitcoin ETF <strong>(BITB)</strong> recorded only $2.5 million in net inflows, which was the lowest day on record, excluding days with zero new entries.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-330585 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/flow-1.webp" alt="" width="600" height="784"></p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-bitcoin-front">What’s Happening on the Bitcoin Front?</h2> 
<p class="p1" style="text-align: justify"><strong>ETF</strong> outflows on March 19 were more than double the previous record outflow day of $158.3 million on January 24, marking the second consecutive day of net outflows for the funds. The significant outflows occurred as the price of Bitcoin fell to $62,400 during US trading hours on March 19 and continued its decline after reaching an all-time high of $73,835 on March 14.</p> 
<p class="p1" style="text-align: justify">According to <strong>Tradingview</strong> data, Bitcoin fell by 5.4% in the last 24 hours, trading above its intraday low of $60,872 and at $63,015 at the time of writing.</p> 
<p class="p1" style="text-align: justify">March 18 saw GBTC’s largest net outflow of $642.5 million. Overall, the fund has witnessed approximately $12.9 billion in outflows over the 49 trading days since it transitioned from a trust to an ETF fund on January 11. The macroeconomic process in the US and expectations towards the halving event have contributed to the acceleration of this trend.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/record-outflows-from-us-bitcoin-exchange-traded-funds/" data-wpel-link="internal">Record Outflows from US Bitcoin Exchange-Traded Funds</a></h5>

Record Outflows from US Bitcoin Exchange-Traded Funds

Table of Contents

COINTURK NEWS

Other articles published on Mar 20, 2024

France Fines Google €250 Million for Breaching Intellectual Property Rules

Litecoin crosses $80: Should you look out for a reversal now?

This Free Artificial Intelligence Software is Disrupting Hedge Funds and making profits on Solana...

Top Crypto Presales AutoFreak, 5thScape & Scorpion Casino Attracting Crypto Investor Uptick

How low can the Bitcoin price go?

Donald Trump's Crypto Portfolio Is Up 8%, But Which Asset Is The Top Performer?

Join our free newsletter for daily crypto updates!