Bitcoin ETFs End Great Streak With Tens of Millions in Loss

The US Bitcoin (BTC) spot exchange-traded funds (ETFs) have ended one of their strongest periods since their launch. After seven consecutive days of recording hundreds of millions of dollars in daily inflows, aggregate net outflows were recorded for the first time yesterday.

Bitcoin ETFs Lose Nearly $80 Million

The Bitcoin funds were doing very well, but have now collapsed due to the deteriorated sentiment on the crypto market.

Last Monday, Bitcoin failed to rise past $69,000 and has been in trouble ever since. Bitcoin quickly fell to around $67,000, where it has now been consolidating for almost two days.

After the big rally in recent weeks, the bulls are now clearly taking a breather and this is now also affecting the money flows in the Bitcoin ETFs. Data from Farside Investors shows that the eleven funds achieved a combined outflow of $79.1 million yesterday.

One fund can be identified as the main culprit, and that is the joint ARKB fund of ARK Invest and 21Shares. Surprisingly, not Grayscale’s infamous GBTC fund, which has already lost more than $20 billion since its launch in January. A total of $134.7 million has left the fund, marking its worst performance since launch.

BlackRock’s IBIT fund ended yesterday, as it does almost every day, at the top with an inflow of $43 million. A lot less than on Monday, when $329 million was raised. Fidelity’s FBTC fund and VanEck’s HODL fund also finished in the green, with inflows of $8.8 million and $3.8 million, respectively.

Second best week for BTC funds

Last week was even the second best week ever for the Bitcoin ETFs, as you could already read in the Bitcoin news. In five trading days, as much as $2.13 billion flowed into the funds. The week of March 11-15 takes the cake with an inflow of more than $2.5 billion.

Should the Bitcoin price resume its upward trend, the ETFs will most likely resume their old form. But the Bitcoin price could first test its support level of $66,000. If this holds, the bulls may be able to dominate again.