Spot Bitcoin ETFs have had a $742 million outflow over the last three days, with the Grayscale Bitcoin ETF (GBTC) leading the way.
After a period of notable inflows earlier in March, the outflows from spot Bitcoin ETFs began this week. Net withdrawals of $261 million were made from nine spot Bitcoin ETFs on March 20 alone.
Even so, after the Federal Reserve adopted a dovish position, the price of Bitcoin surged back above $67,000. Given that Bitcoin will see a halving next month, analysts are bullish about the currency’s future.
Farside Investors data indicates that on March 18 and 19, there were withdrawals of $154.3 million and $326.2 million, respectively.
With the biggest outflow of $386 million on March 20, GBTC has now outflowd more than $13.2 billion in total since its start.
While BlackRock’s iShares Bitcoin Trust (IBIT) saw a comparatively modest net inflow of $49.3 million, other ETFs, such as Invesco Galaxy Bitcoin ETF (BTCO), also saw withdrawals. Proponent of bitcoin Max Keiser called investors in exchange-traded funds (ETFs) “dumb money,” pointing out that they have difficulty successfully managing the volatility of the cryptocurrencycurrency.
Because of the Fed’s position, Bitcoin’s price surged above $67,000 despite the ETF outflows. Though they warn that a decline below $60,000 could trigger additional weakness, analysts like Michael van de Poppe anticipate that Bitcoin will consolidate before perhaps rising towards its all-time high once more.
Read also: Nine New Spot Bitcoin ETFs Now Amassed $35 Billion Worth Of Bitcoin In Just 54 Days
