The post Bitcoin ETFs See First Outflow in March Worth $227 Million appeared on BitcoinEthereumNews.com. Bitcoin soars past $71,000 BlackRock leads with largestThe post Bitcoin ETFs See First Outflow in March Worth $227 Million appeared on BitcoinEthereumNews.com. Bitcoin soars past $71,000 BlackRock leads with largest

Bitcoin ETFs See First Outflow in March Worth $227 Million

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  • Bitcoin soars past $71,000
  • BlackRock leads with largest outflow 

Bitcoin has cooled from its recent rally as it returns to red territory. Amid this negative switch, the U.S. spot Bitcoin ETFs have just recorded their first outflow of March.

According to data from SosoValue, investors have withdrawn a total of $227.83 million from all trading Bitcoin funds on March 5, despite the rebound in the price of Bitcoin on that day.

Bitcoin soars past $71,000

While momentum has remained positive during the ETFs’ last trading session, the outflow recorded yesterday had come when Bitcoin traded around $71,270, while trading activity across the ETF market remained high, with a total value traded of $6.5 billion. 

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This suggests that while it had regained its bullish trajectory, institutions remained less optimistic and were doubtful about the sustainability of the rally seen at the time.

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Following poor institutional participation, Bitcoin has now returned to the bear side of the market, showing a notable decline of 4.19% over the last 24 hours, and trading at $69,931 as of writing time.

BlackRock leads with largest outflow 

The data further revealed that the largest withdrawal was seen from the BlackRock Bitcoin ETF, which lost about $88.74 million during the trading session. 

Other major funds like Fidelity and Bitwise also saw capital leave their various ETFs, with the former recording $48.03 million in outflows while the latter recorded $46.38 million withdrawals.

Also, more withdrawals came from The ARK 21Shares Bitcoin ETF, with $22.67 million in outflows, while Grayscale Bitcoin Trust saw $18.88 million withdrawn.

While all Bitcoin funds responded negatively despite Bitcoin’s recent price rally, one fund stood out as the only ETF that gained fresh capital on that day. 

Notably, the Valkyrie Bitcoin Fund (BRRR) attracted $5.42 million in fresh capital intake, making it the only Bitcoin ETF to post gains on the day.

Source: https://u.today/bitcoin-etfs-see-first-outflow-in-march-worth-227-million

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