Bitcoin ETFs See Outflows Exceed $261M, BlackRock Boasts Single-Day Net Inflow Of $49M

Bitcoin spot exchange-traded funds (ETFs) continued to see net outflows for a third consecutive day, raising questions about investor sentiment in the cryptocurrency market.

SoSoValue's data reveals a total net outflow of $261 million on Wednesday, March 20.

Among the ETFs experiencing outflows, the Grayscale Bitcoin Trust GBTC reported the most substantial single-day net outflow of $386 million.

This latest withdrawal has contributed to GBTC's total historical net outflow reaching an alarming $13.27 billion, highlighting a persistent trend of capital withdrawal from the fund.

Contrasting this trend, the BlackRock ETF IBIT IBIT stood out with a notable single-day net inflow of $49.28 million.

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This inflow is a positive sign for IBIT, bringing its total historical net inflow to an impressive $13.09 billion.

The inflow into IBIT amidst widespread outflows from other Bitcoin spot ETFs suggests a shifting investor preference within the cryptocurrency ETF space.

The recent outflows from Bitcoin spot ETFs, particularly the significant withdrawals from GBTC, raise questions about investor sentiment towards Bitcoin as an investment vehicle.

Meanwhile, the inflow into BlackRock's IBIT may indicate a growing trust in certain funds, possibly due to their management, structure, or perceived stability.

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