Spot Bitcoin ETFs, which the cryptocurrency market has been following with the expectation of recovery, have been net outflows for two days. Spot Bitcoin ETFs, which started the bull market and contributed to the entry of new investors into the market, also lost blood on March 19.
According to the data, ETFs saw net outflows for the second consecutive trading day. This time, the amount of money outflow was 326 million dollars. Institutional investors also lost their appetite for buying, ringing the alarm bells for BTC.
How bad is the situation?
A recipe for pain in spot Bitcoin ETF data
Spot Bitcoin ETF data, which cryptocurrency traders call a bull indicator, is getting worse day by day. The data showed a net outflow of money for the second trading day in a row.
According to Wu Blockchain's report based on SoSo data, spot BTC ETFs saw record outflows. According to the data, there was a total outflow of 480 million dollars from spot Bitcoin ETFs in two days.
On March 18, spot Bitcoin ETFs recorded a net outflow of $154 million, and on March 19, they hosted a net outflow of $326 million.
March 19 saw the largest net outflow since spot Bitcoin ETFs began trading. The worsening data spooked crypto investors.
According to the data, Grayscale's ETF GBTC had a single-day net outflow of US$443 million. BlackRock's ETF IBIT, on the other hand, saw a net inflow of $75.23 million.
The reflection of negative data on the crypto market was interpreted as a "bitter prescription". BTC fell 6 percent after the data. BTC, which was last traded at $ 70,000 on March 16, retreated to $ 60,700 during the day. The selling pressure was attributed to the negative outlook of global markets and the net outflow of spot ETFs.
The data, which has become a matter of curiosity, is vital for BTC's trajectory. CryptoQuant founder said that as long as net inflows continue in spot ETFs, the market is bullish.
