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Bitcoin ETFs Experience Second Day of Outflows
On March 19, Bitcoin ETFs experienced a second consecutive day of outflows, marking the first instance of back-to-back outflows since January 25th. The net outflows amounted to $362 million, with Grayscale being responsible for all outflows at a total of $443 million. While most funds remained steady with no net movement, BlackRock, Fidelity, and Bitwise saw inflows according to Bitmex Research.
Inflows from Key Players
BlackRock recorded $75 million in inflows, Fidelity saw $39 million, and Bitwise received $2.5 million in inflows on a day that proved to be a rare poor performance day for the typically record-breaking Newborn Nine.
Positive Metrics Despite Market Fluctuations
Despite a 9% decline in the price of Bitcoin on the same day, the net outflows represented only 2.7% of total inflows since the launch of Bitcoin ETFs and a mere 0.6% of total assets under management. Additionally, $117 million was added to funds on what was considered a ‘red’ day for Bitcoin. Notably, BlackRock, Fidelity, Bitwise, Ark Invest, Franklin Templeton, and Valkyrie have maintained a streak of no net outflows from their funds, showcasing resilience amidst market volatility.
Bullish Sentiment Prevails
The absence of outflows from various funds may be interpreted as a bullish indicator, as authorized participants demonstrate hesitancy to sell Bitcoin even at prices surpassing $60,000. This trend highlights a strong confidence in the long-term potential of Bitcoin despite short-term market fluctuations.
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