United States notes Bitcoin ETFs recorded their third consecutive day of total net outflows, with $261.5 million exiting ten approved funds on March 20.
This brings the three-day net outflows to $742 million, as March 18 and 19 recorded net outflows of $154.3 million and $326.2 million, respectively, according to Farside Investors .
The outflows were mainly due to another solid day of outflows from the Grayscale Bitcoin Trust (GBTC), which lost $386.6 million, while the Invesco Galaxy Bitcoin ETF (BTCO) also saw an exit of $10.2 million. Both overshadowed the stream of inflows from eight other approved ETFs.
The BlackRock-owned iShares Bitcoin Trust (IBIT) recorded its second-lowest-ever day of net inflows at $49.3 million - just $4 million more than the daily low of February 6, while the Fidelity Wise Origin Bitcoin Fund (FBTC) also took the second-lowest day of inflows at $12.9 million.
This is the second-largest day of net outflows for the 10 ETFs, second only to the $326.2 million that exited the funds on March 19.
In the previous week, the price of BTC fell from its March 14 record high as the countdown to blockchain halving - when mining rewards are cut by 50% - enters its final month.
Historically, BTC has been falling in the run-up to halving and this time, according to CoinMarketCap data, it was shaping up similarly , as the event entered its final 30 days .
