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On Wednesday, Nasdaq-listed spot Bitcoin exchange-traded funds (ETFs) registered $164 million in redemptions, ending a seven-day streak of consecutive inflows amid a worth correction.
$164 Million Flees Bitcoin ETFs
In line with knowledge printed by funding agency Farside, traders pulled $163.5 million from the 11 BTC funds. The Constancy Clever Origin Bitcoin Fund (FBTC) topped the outflows, shedding $103.8 million— marking its second-largest single-day withdrawal of the month.
BlackRock’s iShares Bitcoin Belief ETF (IBIT) additionally skilled outflows, totaling $34 million. This marked IBIT’s first web withdrawal in roughly eight days. The fund had attracted over $900 million in inflows through the earlier seven periods via Tuesday, together with $169.3 million on March 17 alone.
Grayscale’s GBTC skilled $18.8 million in withdrawals, whereas Bitwise’s BITB noticed a $7 million web outflow. The remaining funds reported no important adjustments.
The spot Bitcoin ETFs launched within the U.S. in January 2024, giving traders direct publicity to the benchmark cryptocurrency with out the challenges of holding or storing it. Not like futures-based ETFs, which debuted in October 2021 and require place rollovers, these funds make investments straight in Bitcoin, simplifying the funding course of.
 
Following a powerful rally earlier this week, Bitcoin has retreated under $70,000, dropping 4.1% previously 24 hours from its March 5 peak of $72,993, in keeping with CoinGecko knowledge. The world’s greatest crypto by market worth was buying and selling at $69,311 as of press time.
Altcoin ETFs Put up Minor Outflows
Altcoin ETFs have additionally fallen out of institutional traders’ favor, as Ether-focused funds skilled $55.7 million in withdrawals.
Mirroring the pattern in Bitcoin ETFs, Constancy Investments topped the altcoin outflows, with the Constancy Ethereum Fund (FETH) dropping $37 million, whereas the Grayscale Ethereum Belief (ETHE) recorded $9 million in withdrawals.
Ether additionally fell 4.3% over the identical interval, slipping to $2,107, in keeping with CoinGecko. The second-largest crypto is down over 57.2% from its August final yr highs above $4,946.
In the meantime, Solana (SOL) skilled modest outflows of roughly $300,000, whereas XRP (XRP) ETFs witnessed no recent inflows.
Investor sentiment has additionally weakened amid the market drawdown, with the Crypto Worry & Greed Index briefly climbing to 26, indicating “Worry” on Wednesday, earlier than crashing again into “Excessive Worry” at the moment.
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