Bitcoin spot ETF has seen a net outflow for ten consecutive days, while GBTC has set a record for net outflows.
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Bitcoin Spot ETF Ends 10 Days of Net Inflows
The Bitcoin ETF saw a net outflow of $154 million on March 18.
The last net outflow was on March 1 at -$139 million, which also marked the end of 10 consecutive days of net inflows for the ETF.
Since its listing on January 11, the total net inflow of the Bitcoin spot ETF has decreased from approximately $12.1 billion last week to $12 billion.
The net inflow data for various issuers on March 18 are as follows:
- Grayscale GBTC: -$642 million
- BlackRock IBIT: $451 million
- Fidelity FBTC: $5.9 million
- Bitwise BITB: $17.6 million
- Vaneck HODL: $5.7 million
- Valkyrie BRRR: $4.8 million
- Ark Invest ARKB: $2.7 million
Grayscale GBTC Sets New Record for Net Outflows
Grayscale GBTC continued to be the main net outflow on March 18 at -$642 million, surpassing BlackRock's net inflow.
SoSoValue data shows that the net outflow of -$642 million on the 18th set a new historical record for GBTC.
The top five outflow days for GBTC are as follows:
- March 18: -$642 million
- January 22: -$640 million
- February 29: -$598 million
- January 16: -$594 million
- January 19: -$590 million
Previously reported, Matrixport analyst and founder of analytics firm 10X Research, Markus Thielen, emphasized that the ETF data on the 18th and 19th were crucial, indicating that Bitcoin did not perform well.
He predicted that if the ETF inflow was lower than expected, Bitcoin could drop to $59,000.
Matrixport recommends shorting ETH; 10X Research targets Bitcoin at $59,000