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- According to data from Farside investors, total outflows across all nine Bitcoin
ETFs amounted to $326 million on Tuesday. - While net inflows for BlackRock’s Bitcoin ETF IBIT were only $75 million, Fidelity’s FBTC came in second with $39.6 million.
- Based on the latest analysis by CryptoQuant, questions arise about the current state of the bull market in the cryptocurrency market.
Spot Bitcoin ETFs in the US recorded dramatic outflows on March 19 after huge inflows: Current report!
Spot Bitcoin ETFs in Outflow
It seems like the tides are turning as Bitcoin ETFs recorded outflows on Tuesday, March 19th, for the second consecutive day. As a result, the price of Bitcoin (BTC) fell by 6% to below $62,000, coming under pressure.
According to data from Farside investors, total outflows across all nine Bitcoin ETFs amounted to $326 million on Tuesday, more than double the previous day’s amount. With consecutive second-day outflows, market sensitivity appears to be changing at the moment.
While net inflows for BlackRock’s Bitcoin ETF IBIT were only $75 million, Fidelity’s FBTC came in second with $39.6 million. According to data from Farside, other Bitcoin ETFs recorded almost no inflows. Institutional investors seem to be adopting a cautious stance ahead of the FOMC decision on Wednesday, March 20th.
On the other hand, Grayscale Bitcoin ETF GBTC experienced a continued bleeding on Tuesday with a net outflow of $444 million. Grayscale lost an additional 6,860 Bitcoins today, constituting approximately 1.9% of its total Bitcoin holdings. Interestingly, despite Grayscale CEO Michael Sonneshien’s announcement to reduce fees for GBTC soon, it doesn’t seem to have convinced investors much.
BTC Price Under Pressure
Expectations are rising ahead of the Federal Open Market Committee (FOMC) meeting scheduled for late night, leading to increased volatility in the cryptocurrency markets. Particularly, Bitcoin (BTC) and Ethereum (ETH) experienced significant declines, with BTC dropping to the $61,500s and ETH to the $3,145s.
The 60,000 level in BTC is likely to offer psychological support amidst the bearish environment. However, market analysts emphasize the critical role of demand from spot BTC ETFs for stability at this level.
Based on the latest analysis by CryptoQuant, questions arise about the current state of the bull market in the cryptocurrency market. However, there is no significant indication that the bull market has ended.
Based on conclusions drawn from historical Bitcoin cycles, it’s observed that previous bull markets didn’t stop at the previous all-time highs (ATH). With momentum surrounding current Exchange-Traded Funds (ETFs) and the upcoming Halving event, there is optimism for a continued upward movement in the market. Looking at past trends, in 2020, surpassing the previous ATH range took nearly two months.