Bitcoin spot ETF saw a net outflow of US$740 million in three days! Is the sell-off over?

According to SoSoValue data, the Bitcoin spot ETF experienced net outflows for the third consecutive day, with a net outflow of US$261.5 million on the 20th. This shows that Bitcoin funds continue to have a net outflow, and the cumulative net outflow amount has reached 742 million U.S. dollars, compared with 154.3 million U.S. dollars and 326.2 million U.S. dollars respectively in the previous two days.

Changes in Net Inflows and Outflows of Bitcoin Spot ETF

On the 20th, Grayscale’s GBTC once again experienced a net outflow, amounting to US$386 million. , which is the largest net outflow. So far, GBTC’s historical net outflow has reached US$13.27 billion. In addition, the Invesco/Galaxy ETF also experienced a net outflow of $10.2 million on the same day.

Changes in net inflows and outflows of Bitcoin spot ETFs

On the 20th, the Bitcoin spot ETF with the largest single-day net inflows was BlackRock )'s IBIT has a net inflow of US$49.28 million. The current total historical net inflow of IBIT reaches US$13.09 billion, followed by Ark/21Shares' ARKB, with a net inflow of approximately US$23.26 million. The current total historical net inflow of ARKB reaches US$1.99 billion.

It is worth noting that BlackRock’s IBIT single-day net inflows hit the second-lowest record in history, only $4 million more than the lowest point on February 6, while Fidelity’s FBTC also hit a record The second-lowest single-day net inflow ever, at $12.9 million.

Currently, the total net asset value of Bitcoin spot ETFs is US$54.13 billion, the ETF net asset ratio (market value to the total market value of Bitcoin) reaches 4.11%, and the historical cumulative net inflow has reached US$11.41 billion.

Todd Rosenbluth, director of research at market analysis company VettaFi, previously said that funds will not always flow into ETFs, and it is reasonable for people to take profits after Bitcoin's strong rise.

Bitcoin Rising

Although spot ETFs have experienced net outflows for three consecutive days, Bitcoin stopped falling and rebounded today, breaking through $68,000 in one fell swoop. Yesterday’s decline has been fully replenished. The reason cannot be ruled out because the US Federal Reserve (Fed) announced for the fifth time at this morning's FOMC meeting that it would stop raising interest rates. The latest interest rate dot plot also predicts that interest rates will remain unchanged three times this year, which stimulated market sentiment.

However, the analysis agency 10X Research issued a report on the 19th warning that it is too early to be bullish again. It is expected that Bitcoin will fall below $60,000 before more meaningful rebound attempts will begin. Based on The previous new high signal can be expected to see Bitcoin reaching US$83,000 and US$102,000 in the future, but attention should be paid to the downward target first.

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