The cryptocurrency market is having a tough week. Bitcoin, the leading cryptocurrency, fell 11 percent from the first trading day of the week to the last day. BTC fell from $ 73,500 to $ 60,770. Crypto investors faced two important factors while investigating the reasons behind the decline. One of them was spot Bitcoin ETFs, which signified the steps of institutions and signaled a bull run.
Spot Bitcoin ETFs have been experiencing net outflows since the first trading day of the week. The net outflow was $154 million on Monday and $326 million on Tuesday. This data, which contributed to BTC's decline, was also negative on Wednesday, March 20.
Spot Bitcoin ETF data again negative
Data on spot Bitcoin ETFs, which are reflected as the bull indicator of the sector, came negative again. According to SoSoValue data, there was a net outflow of money from spot Bitcoin ETFs on March 20. The amount of money out was 386 million dollars. After the US Fed's interest rate decision, the negative ETF data also heated up the agenda.
The main reason for the net money outflow was again Grayscale. Grayscale's GBTC product realized a net outflow of 386 million dollars. GBTC has witnessed a total net outflow of $13.27 billion since the first trading day.
On March 20, the highest single-day net inflow was in BlackRock's IBIT. IBIT saw a net inflow of $49.28 million. IBIT has hosted a net inflow of $13.09 billion since the first day of trading.
Although IBIT is an appetizing ETF product, it has not been able to meet Grayscale's net outflows in recent days. Therefore, the outlook is turning negative day by day. Three consecutive days of net outflows turned eyes to the March 21 data. On March 21, what will happen in spot Bitcoin ETFs has become a matter of curiosity.
The market, which recovered after the Fed's interest rate decision, may switch to a positive outlook if there is a net money inflow to spot Bitcoin ETFs on March 21. Thus, the correction can be said to be completed. However, it should not be forgotten that data can change at any time and the volatility of the market.
