$261M Continues to Drain from Spot Bitcoin ETFs for Third Consecutive Day

Bitcoin exchange-traded funds (ETFs) in the United States have experienced three consecutive days of net outflows, with a total of $261.5 million leaving the 10 approved funds on March 20. This brings the three-day net outflows to $742 million, as March 18 and 19 saw net outflows of $154.3 million and $326.2 million respectively, according to Farside Investors data. The outflows were primarily driven by the Grayscale Bitcoin Trust (GBTC), which saw $386.6 million leave the fund. The Invesco Galaxy Bitcoin ETF (BTCO) also experienced $10.2 million in outflows. The remaining eight approved ETFs only saw minimal inflows. The iShares Bitcoin Trust (IBIT) had its second-lowest net inflow day at $49.3 million, while the Fidelity Wise Origin Bitcoin Fund (FBTC) had a similarly low inflow day at $12.9 million. This marks the second-highest net outflow day for the 10 ETFs, surpassed only by the $326.2 million that left the funds on March 19. Meanwhile, Bitcoin experienced a 3% gain during U.S. trading hours and has seen a 7.5% gain over 24 hours, trading at $66,838, according to Cointelegraph Markets Pro. In the past week, BTC has declined from its record high on March 14 as the countdown to the blockchain’s halving enters its final month. Historically, BTC has fallen in the lead-up to the halving, following a similar pattern this time around, according to CoinMarketCap data.