Bitcoin worth more than $640 million flowed out of the spot Bitcoin ETF of crypto asset manager Grayscale on March 18, marking the fund's biggest day of outflows since its conversion to a spot ETF on January 11.
In total, Grayscale recorded $642.5 million in outflows on March 18. At the same time, inflows into Fidelity's Bitcoin ETF, the second-largest fund, fell to just $5.9 million, the lowest day on record, according to Farside Investors.
Both led to net outflows of $154.3 million in Bitcoin spot ETFs.
At the time of publication, the price of Bitcoin stands at $65,875, down 10.5% from its most recent record high of $73,797 on March 14, according to CoinGecko data.
Several market commentators pointed to the slowdown in Bitcoin ETF flows, the upcoming halving and the US Federal Reserve's FOMC meeting on March 20 as justification for the lowered BTC prices over the past few days.
However, other analysts shared optimistic forecasts for future Bitcoin ETF flows.
Grant Englebart, vice president of investment firm Carlson Group, told Bloomberg TV that only a "handful" of his firm's advisors have seen clients allocate funds in Bitcoin ETFs, noting that the allocation has seen an average investment ratio of 3.5%. of total funds.
Commenting on the interview, X Bloomberg ETF analyst Eric Balchunas said the interview was consistent with what he had heard from Bitcoin ETF issuers - that only a handful of early investors had put together a significant allocation to detect Bitcoin ETFs.
