Bitcoin saw strong price action earlier this week, but the major cryptocurrencies ended the week in negative territory as investor sentiment continued to weaken.
Institutional demand for spot Bitcoin ETFs has slowed significantly due to the downward trend in Bitcoin prices. data SoSoValue shows investors withdrew hundreds of millions of dollars from all funds during the last trading session.
$348 million expected to be withdrawn from Bitcoin ETF
The data reveals that the US Spot Bitcoin ETF recorded net outflows of $348.83 million on Friday, March 6, indicating a pause in institutional demand as Bitcoin faces further price correction.
With this withdrawal, Bitcoin ETFs ended the week on a bearish note, with the following results: Bitcoin The stock is trading around $68,110, a significant drop from the $74,000 level it recovered from three days ago.
This large withdrawal marks the largest outflow recorded by a Bitcoin fund in March and has raised concerns among market participants.
The pullback in demand for Bitcoin-based ETFs comes amid increased market volatility, but analysts are not too worried as overall inflows remain very positive since spot Bitcoin ETFs were approved in the U.S. in 2024.
BlackRock maintains its lead
meanwhile black rock The company, which has always maintained a lead regardless of market conditions, saw its Bitcoin ETF called IBIT record the largest withdrawal of all ETFs, with $143.45 million leaving the fund.
As usual, Fidelity (FBTC) followed closely with $158.54 million in outflows during the same trading session. Meanwhile, the Grayscale Bitcoin ETF also experienced small withdrawals, with $9.56 million leaving the fund.
Despite the fund’s extremely negative performance, institutional investors appear to be wary, and no Bitcoin ETF had the calmest capital inflows.
