The 11 Spot Bitcoin ETFs continued their massive outflows yesterday, shedding $754 million.
This is the second-largest outflow recorded by the Bitcoin ETFs, following an exodus of $1 billion on February 25.
The outflows align with the current market sentiment, as the Bitcoin Fear and Greed Index recently dropped to 10. An Index of 10 indicates a high degree of fear among investors, leading to capital flight.
Farside Investors UK revealed that BlackRock’s (IBIT) led the charge, shedding $418.1 million, a significant portion of its $54 billion asset base.
Fidelity’s (FBTC) followed, losing $145.7 million, while Bitwise’s Bitcoin ETF (BITB) saw a $13.6 million exit.
ARK 21Shares (ARKB) dropped $60.5 million, Grayscale’s Bitcoin Trust (GBTC) lost $22.7 million, and Invesco’s Galaxy Bitcoin ETF (BTCO) declined by $16.8 million.
Smaller players like Franklin Templeton’s EZBC and WisdomTree’s BTCW recorded outflows of $9.7 million and $11.5 million, respectively.
Valkyrie’s BRRR and VanEck’s HODL recorded no transactions for the day.
Bitcoin Price Analysis
The massive outflows aligned with Bitcoin’s price dipping to $85,000, a 12% drop on a 7-day scale.
The market downturn also affects altcoins, which have lost significant value. Solana has dropped from $240 last month to $143 at the moment. Other Altcoins, like XRP and Ethereum, have shed significant value.
The Bitcoin ETFs have lost over $2 billion in six days; a market recalibration is potentially testing Bitcoin’s $80,000 floor as investors reassess their next move.
