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Grayscale’s spot Bitcoin ETF experienced a significant movement of funds on March 18, with over $640 million being withdrawn, marking the largest single-day outflow since the fund shifted to a spot ETF on January 11.
The decline in inflows into Fidelity’s Bitcoin ETF, hitting a low of $5.9 million in daily inflows, coincided with a reduction in interest in spot Bitcoin ETFs, resulting in a net outflow of $154.3 million, according to data from Farside Investors.
Presently, Bitcoin is being traded at $65,875, showing a 10.5% decline from its recent peak of $73,797 on March 14, as per data from CoinGecko. Analysts attribute this drop to various factors, including reduced flows into bitcoin ETFs, the upcoming halving event, and the Federal Reserve’s FOMC meeting scheduled for March 20.
While some market experts view the decrease in Bitcoin’s price with concern, others maintain optimism regarding the future of Bitcoin ETF flows. Grant Englebart, VP at investment firm Carlson Group, mentioned during an interview on Bloomberg TV that only a small percentage of their advisers have observed clients investing in Bitcoin ETFs.
Eric Balchunas, an ETF analyst at Bloomberg, echoed Englebart’s sentiments, stating that his discussions with Bitcoin ETF issuers revealed a similar pattern: only a handful of early adopters are making significant allocations to Bitcoin ETFs.
Also Read: Grayscale Submits Vital Update for Ethereum ETF Approval
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