Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

BlackRock

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/us-bitcoin-etfs-experience-unprecedented-capital-withdrawals" rel="noopener noreferrer nofollow">US Bitcoin ETFs Experience Unprecedented Capital Withdrawals</a><br></p>
<p style="text-align: justify">On March 19, US <a href="https://en.bitcoinhaber.net/bitcoins-momentum-indicator-hits-historic-lows-as-standard-chartered-maintains-bullish-outlook" rel="noopener noreferrer nofollow">Bitcoin</a> exchange-traded funds (ETFs) underwent historic outflows, with $326 million being withdrawn from 10 specific funds in a single day. The Grayscale Bitcoin Trust (GBTC), holding over $23.7 billion in assets, is potentially at risk of depleting its holdings by the end of July if the current rate of outflows persists.</p>
<h2 id="etfs-lose-favor-with-investors">ETFs Lose Favor with Investors</h2>
<p style="text-align: justify">Data from Farside Investors shows that Grayscale’s GBTC experienced a massive $443.5 million net outflow on that day. In contrast, ETFs from BlackRock, Fidelity, and Bitwise were the only ones to record net inflows, albeit at subdued levels. These inflows amounted to $117.3 million combined, marking a notably low day for new Bitcoin ETFs, excluding GBTC.</p>
<p style="text-align: justify">The BlackRock iShares Bitcoin Trust (IBIT) fund led with a $75.2 million net inflow, while the Fidelity Wise Origin Bitcoin Fund (FBTC) attracted $39.6 million. The Bitwise Bitcoin ETF (BITB), meanwhile, noted a mere $2.5 million in net inflows, the lowest ever recorded for the fund, discounting zero-entry days.</p>
<h2 id="bitcoin-market-faces-downward-pressure">Bitcoin Market Faces Downward Pressure</h2>
<p style="text-align: justify">The record outflows of March 19 are over twice the amount of the previous high seen on January 24, which was $158.3 million. This marked a second consecutive day of net outflows, coinciding with Bitcoin’s price drop to $62,400 during the US trading hours of March 19. This followed the <a href="https://en.bitcoinhaber.net/bitcoin-hits-new-heights-as-ethereum-and-altcoins-navigate-market-dynamics" rel="noopener noreferrer nofollow">cryptocurrency</a>‘s peak at $73,835 on March 14.</p>
<p style="text-align: justify">Recent figures from Tradingview indicate a 5.4% decline in Bitcoin’s value over the past 24 hours, with the cryptocurrency partially recovering from its intraday low of $60,872 to trade at $63,015 at the time of reporting. The GBTC experienced its largest single-day outflow of $642.5 million on March 18, contributing to an alarming $12.9 billion in total outflows over the last 49 trading days. These outflows have been exacerbated by broader macroeconomic trends in the US and the anticipated Bitcoin halving event.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/us-bitcoin-etfs-experience-unprecedented-capital-withdrawals" rel="noopener noreferrer nofollow">US Bitcoin ETFs Experience Unprecedented Capital Withdrawals</a></h5>

US Bitcoin ETFs Experience Unprecedented Capital Withdrawals

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