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Nearly all United States spot Bitcoin exchange-traded funds (ETFs) had net negative performances in March as analysts expect a bearish Bitcoin trend of up to 12 months.
Farside Investors data showed that spot Bitcoin ETFs struggled in March, with net outflows surpassing their monthly net inflows. Asset manager BlackRockβs iShares Bitcoin Trust ETF (IBIT) suffered the most, with outflows reaching $552 million and inflows of only $84.6 million.
According to the data, Fidelityβs Wise Origin Bitcoin Fund (FBTC) saw outflows of over $517 million and had inflows of only $136.5. The data also showed that Grayscaleβs Bitcoin Trust ETF (GBTC) had outflows of over $200 million and had zero inflows.
However, Grayscaleβs Bitcoin Mini Trust ETF (BTC) is the only one that defied the trend, with zero net outflows for March and over $55 million in net inflows.
Spot Bitcoin ETF flows in millions. Source: Farside Investors
US Spot Bitcoin ETFs had outflows of over $1.6 billion in March
Overall, the spot Bitcoin ETFs combined had outflows of over $1.6 billion in the first 17 days of March and recorded only $351 million in inflows. This wasnβt enough to offset the losses, bringing the net outflow to nearly $1.3 billion.
Meanwhile, Ether-based investment products arenβt doing any better. BlackRockβs iShares Ethereum Trust ETF (ETHA) had the most outflows, reaching $126 million, but it did not record any monthly inflows. Fidelityβs Ethereum Fund (FETH) recorded outflows of about $73 million but only had $21 million in inflows.
Ether ETFs had negative results throughout March, except for March 4, when inflows reached $14 million. However, spot Ether ETFs performed poorly in the rest of March, with over $300 million in total outflows.
Spot Ether ETF flows in millions. Source: Farside Investors
Related: Yuga exec warns about βtrue bear marketβ Ether price as whales scramble
CryptoQuant CEO says BTC bull cycle is over
The performance of crypto exchange-traded products comes as sentiments for Bitcoin and the crypto market turn bearish.
On March 18, CryptoQuant founder and CEO Ki Young Ju said the βBitcoin bull cycle is over.β The executive expects up to a year of bearish or sideways price action. Ju argued that onchain metrics indicate a bear market. The executive said that new whales are selling low as liquidity dries up.
Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express
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