Bitcoin

Despite a continuous four-day streak of net outflows from Bitcoin spot exchange-traded funds (ETFs) totaling $93.85 million, the Bitcoin price has impressively climbed to reclaim the $66,000 mark. According to data from Farside Investors, Grayscale ETF GBTC experienced a significant outflow yesterday, with a single-day net outflow of $358 million, culminating in a historical net outflow of $13.63 billion for GBTC alone. 
In stark contrast, the BlackRock Bitcoin spot ETF (IBIT) witnessed a considerable net inflow of $233 million yesterday, raising IBIT’s total net inflow to $13.32 billion. This is slightly below the average for <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-etf-frenzy-blackrock-smashes-expectations-with-788-million-inflows-in-one-day/" target="_blank" rel="noopener ">BlackRock</a>, which has seen $271.9 million in inflows since its launch on January 11. 
Other ETFs have not fared as well in recent days. Fidelity’s FBTC, the second-largest ETF, has thus far achieved an average daily inflow of $141.5 million, but experienced a disappointing $2.5 million in inflows yesterday. 
The third-largest, Ark Invest’s spot Bitcoin ETF, has seen average inflows of $40.9 million to date, with yesterday’s inflows at just $2.0 million. Bitwise’s BITB, ranking fourth, has accumulated $30.7 million on average, with a modest $12 million in inflows yesterday. 
Across the board, all spot Bitcoin ETFs, including GBTC, have recorded an average of approximately $230 million in daily inflows since January 11. 
<img loading="lazy" decoding="async" class="wp-image-599159 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/03/GJPt5wIX0AAJalE.jpg?resize=983%2C1295" alt="Bitcoin ETF flows " width="983" height="1295" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/GJPt5wIX0AAJalE.jpg?resize=983%2C1295?w=983 983w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJPt5wIX0AAJalE.jpg?resize=983%2C1295?w=349 349w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJPt5wIX0AAJalE.jpg?resize=983%2C1295?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJPt5wIX0AAJalE.jpg?resize=983%2C1295?w=653 653w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJPt5wIX0AAJalE.jpg?resize=983%2C1295?w=750 750w" sizes="(max-width: 983px) 100vw, 983px" data-recalc-dims="1"> 
<h2 id="bitcoin-price-stagnates-reason-to-worry">Bitcoin Price Stagnates: Reason To Worry?</h2> 
CryptoQuant CEO Ki Young Ju <a href="https://twitter.com/ki_young_ju/status/1771038205623865426" target="_blank" rel="noopener nofollow">provided</a> insights on the situation via X, stating, “Bitcoin spot ETF netflows are slowing. Demand may rebound if the BTC price approaches critical support levels. New whales, mainly ETF buyers, have a $56K on-chain cost basis. Corrections typically entail a max drawdown of around 30% in bull markets, with a max pain of $51K.” 
Crypto analyst WhalePanda <a href="https://twitter.com/WhalePanda/status/1771020903138144692" target="_blank" rel="noopener nofollow">highlighted</a> the trend, noting, “Yesterday’s ETF flows: Another negative day, that’s 4 in a row […] Honestly surprised by how big the outflows are from GBTC. Another $358.8 million and that makes a total of $1.83 billion in just 4 days.” WhalePanda also touched on <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-breaks-past-51500-4-key-reasons/" target="_blank" rel="noopener ">Genesis’ role</a>, suggesting the company’s “in-kind” sale of GBTC shares for BTC might explain the large outflows without corresponding market dumps. 
Thomas Fahrer, founder of Apollo, <a href="https://twitter.com/thomas_fahrer/status/1770938965350129933" target="_blank" rel="noopener nofollow">offered</a> a bullish perspective, “I know it is forbidden to post anything bullish on #Bitcoin ETFs right now, but I’m gonna do it anyway. GBTC selling is temporary. Financial advisors and institutions have barely begun buying. $100 BILLION inflows are coming next 1-2 years. Patience.” 
Charles Edwards, founder of Capriole Investments, <a href="https://twitter.com/caprioleio/status/1771028291496911296" target="_blank" rel="noopener nofollow">commented</a> on the Grayscale situation, “Grayscale Bitcoin ETF holdings falling off a cliff. Down 50%, or about $20B at current BTC price. We must be days/weeks away from them slashing fees to stop the bleeding. Blackrock holdings expected to overtake Grayscale <a href="https://www.newsbtc.com/news/bitcoin/when-is-the-next-btc-halving-date-bitcoin-halving-guide/" target="_blank" rel="noopener ">before the Halving</a>!” 
Although the last few days have been rather disappointing, it is worth noting that the outflows are coming (almost) exclusively from <a href="https://www.newsbtc.com/bitcoin-news/record-breaking-gbtc-outflows-send-bitcoin-down-14-to-62000/" target="_blank" rel="noopener ">Grayscale’s GBTC</a>, while other investors are holding on tight to their Bitcoin investments. This means that it is only a matter of time before Grayscale’s outflows stop, and even small inflows from the other ETFs make a big impact (without the outflows). 
At press time, BTC traded $66,203. 
<img loading="lazy" decoding="async" class="wp-image-599160 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/03/BTCUSD_2024-03-22_09-00-23.png?resize=3628%2C1673" alt="Bitcoin price" width="3628" height="1673" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/BTCUSD_2024-03-22_09-00-23.png?resize=3628%2C1673?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2024/03/BTCUSD_2024-03-22_09-00-23.png?resize=3628%2C1673?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/BTCUSD_2024-03-22_09-00-23.png?resize=3628%2C1673?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/BTCUSD_2024-03-22_09-00-23.png?resize=3628%2C1673?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/BTCUSD_2024-03-22_09-00-23.png?resize=3628%2C1673?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/BTCUSD_2024-03-22_09-00-23.png?resize=3628%2C1673?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/03/BTCUSD_2024-03-22_09-00-23.png?resize=3628%2C1673?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/BTCUSD_2024-03-22_09-00-23.png?resize=3628%2C1673?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/03/BTCUSD_2024-03-22_09-00-23.png?resize=3628%2C1673?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

Bitcoin Price Reclaims $66,000 Despite 4-Day ETF Outflow Streak

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