Spot Bitcoin ETFs Experience First Day of Outflows in 10 Days
After 10 consecutive days of positive inflows into spot Bitcoin ETFs, March 28 broke the trend, recording net outflows totaling $93.2 million. This was the first day of negative flows since March 13, breaking a strong streak of investor demand that had seen over $1 billion in cumulative inflows.
Single Fund Sees Significant Redemptions
- The outflows were entirely concentrated in a single fund, FBTC, Fidelity’s offering, which saw a sizable redemption of $93.2 million.
- No other ETF recorded inflows or outflows that day, suggesting the movement was idiosyncratic rather than market-wide.
Flat Flows Across Major ETFs
- The rest of the major ETFs, including BlackRock’s IBIT, Bitwise’s BITB, ARK 21Shares’ ARKB, Grayscale’s GBTC, and others like BTCO, EZBC, and HODL, reported zero flows, indicating a pause in activity.
- The flat flows across most issuers could suggest end-of-month rebalancing, investor hesitation ahead of macroeconomic data, or merely a breather after sustained inflows.
While a single day of outflows isn’t necessarily indicative of a trend reversal, the fact that FBTC, the second-largest spot Bitcoin ETF by assets, was the only one to see significant redemptions raises questions about whether this was a fund-specific reallocation or the start of more cautious positioning by institutional investors.
