U.S. noted Bitcoin ETFs saw their largest-ever day of collective outflows, with a total of $326 million flowing out of 10 funds on March 19.
As of March 19, Grayscale reported that its Bitcoin Trust (GBTC) has more than $23.7 billion in assets under management. If outflows continue at current levels, it could lose assets as early as the end of July.
According to data from Farside Investors, Grayscale's GBTC saw a net outflow of $443.5 million that day, with ETFs owned by BlackRock, Fidelity and Bitwise being the only funds to see net inflows.
Together, these three funds generated net inflows of $117.3 million, the second lowest inflow day for the nine new bitcoin ETFs - excluding GBTC.
The largest net inflow on the day was BlackRock's iShares Bitcoin Trust (IBIT), while the Fidelity Wise Origin Bitcoin Fund (FBTC) recorded $39.6 million.
The Bitwise Bitcoin ETF (BITB) attracted just $2.5 million in net inflows - its lowest day ever - not counting days when no new inflows were recorded.
Outflows from ETFs were more than double the previous record day of outflows, which totaled $158.3 million on January 24, marking the second consecutive day of net outflows from the funds.
The significant fund outflows came as the price of BTC fell to a low of $62,400 on March 19 during US trading hours, continuing its decline after reaching a new record high of $73,835 on March 14.
March 18 saw the largest net outflow of GBTC at $642.5 million. Overall, the fund has seen outflows of nearly $12.9 billion in 49 trading days since January 11, when it converted from a mutual fund to an ETF.
