US Bitcoin ETFs Record $800 Million Net Outflow In Past Week — Details

Bitcoin

US Bitcoin ETFs Record $800 Million Net Outflow In Past Week — Details

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The US-based Bitcoin ETFs (exchange-traded funds) have continued to struggle in terms of investor participation and interest over the last few weeks. In the last week of February, the crypto-based financial products witnessed a record-breaking $1.14 billion single-day withdrawal.

The story wasnt any much different for the Bitcoin ETFs to start the month of March, registering a net outflow of nearly $800 million in the past week. This growing trend reflects the shift in the appetite and sentiment of institutional investors, especially in the United States.

Bitcoin ETFs Post $409 Million Daily Net Outflow

According to the latest market data, the United States Bitcoin ETF market posted a daily net outflow of roughly $409 million on Friday, March 7. This marked the fifth consecutive day of withdrawals for the Bitcoin exchange-traded funds.

Ark & 21 Shares Bitcoin ETF (with the ticker ARKB) saw the largest volume of withdrawals (over $160 million) on Friday. This was followed closely by Fidelity Wise Origin Bitcoin Fund (FBTC), which posted net outflows of approximately $155 million to close the week.

BlackRock‘s Bitcoin Trust (IBIT), the largest Bitcoin exchange-traded fund by net assets, declined in net value by $39.85 million on Friday. Meanwhile, Grayscale’s Bitcoin Trust (GBTC) and Bitwises BTC fund (BITB) followed with total outflows of roughly $36.5 million and $18.6 million, respectively, on the day.