Only one bitcoin ETF turns green in March

March appears to be a challenging month for American Spot Bitcoin (BTC) ETFs. While most funds see a lot of outflow, only one ETF manages to stand: Grayscale’s Bitcoin Mini Trust (BTC). This fund was the only one to register a positive net flow, while the rest suffered considerable losses.

Bitcoin ETFs massively in the minus

According to data from Farside Investors, almost all American spot Bitcoin ETFs have to deal with net outflows. The most affected party is BlackRock’s Ishares Bitcoin Trust ETF (IBIT), from which more than $ 552 million flowed, while so far only $ 84.6 million in new inflow has been registered.

Fidelity’s Wise Origin Bitcoin Fund (FBTC) did not do much better, with an outflow of $ 517 million and a limited inflow of $ 136.5 million. Grayscale’s original Bitcoin Trust ETF (GBTC) also saw more than $ 200 million disappear without any new inflow.

The only positive exception is Grayscale’s Bitcoin Mini Trust ETF (BTC). This fund did not know any outflow and saw more than $ 55 million in inflow in March.

Total loss of almost $ 1.3 billion in March

Together the American spot Bitcoin ETFs lost more than $ 1.6 billion in the first 17 days of March, while the inflow was only $ 351 million. On balance, the net loss therefore comes to almost $ 1.3 billion.

The disappointing performance of the ETFs reflect the wider sentiment in the cryptomarkt. According to Ki Young Ju, CEO of Cryptoquant, the Bitcoin Bull Cycle is over. He predicts until a year of downward or lateral price movements. Ju points to Onchain data that indicates a cooling market. New whales would currently sell at relatively low prices, while the liquidity dries up. This suggests that investors are preparing for a longer bearish period.

Although the current figures look little optimistic, this does not mean the end of Bitcoin or crypto-etf’s. The market has more often ended serious corrections and moves in Cycli. For long -term investors, such a phase can offer opportunities to build positions.

Yet it is good to also look at the wider picture. As can be seen in the graph below, the ETFs have performed strongly in recent months and listed a net inflow of $ 35.58 billion.

However, for the time being the euphoria around Spot Bitcoin ETFs seems to be declining. Whether this decrease continues or whether the market is recovering depends on macro-economic developments and the broader sentiment in the crypto world.

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