Os exchange traded funds (ETFs) of Bitcoin in US cash registered the fourth day in a row with outflows, this being the longest sequence since the launch of product trading on January 11th.
On March 21, ETFs experienced net outflows that in total reached a value of US$94 million, bringing the accumulated amount of outflows to US$836 million so far this week, according to data shared by the Farside Investors platform.
O ETF Grayscale Bitcoin Trust (GBTC) saw net outflows peak on March 18, reaching the amount of US$642 million. The value recorded surpassed the previous peak of US$640,5 million, which occurred on January 22.
Inflows from BlackRock's ETF, IBIT, worth $451,5 million were not enough to support outflows from GBTC, leading to a total net outflow of $154,4 million.
It is worth remembering that Bitcoin and Ethereum prices were heavily influenced by intense ETF outflows this week. Bitcoin (BTC) saw a drop at the start of the week that took it to its lowest level in the last two weeks as it traded at $61.380. The same happened with Ethereum (ETH), which traded low at the level of US$3.090. Both cryptocurrencies fell to the level they were trading in the last week of February.
The drop in prices of the two largest cryptocurrencies came amid notable outflows from spot Bitcoin-based exchange-traded funds (ETFs). On March 19, ETFs had the largest outflows since their debut on January 11, which reached $326,2 million.
It is worth remembering that an important factor pushed cryptocurrencies to recover their gains in the last two days: the decision by the Federal Reserve (Fed), on March 20, to maintain interest rates. However, the price of Bitcoin showed a significant pullback in the last 24 hours, falling 3.5% and trading at US$64.782,82.
