On March 19, United States spot Bitcoin exchange-traded funds (ETFs) experienced their highest joint outflow day on record, with a combined $326 million being withdrawn from the 10 funds. This significant outflow coincided with Bitcoin hitting a U.S. trading day low of nearly $62,000, following a recent peak the previous week.

Grayscale's Bitcoin Trust (GBTC), with assets over $23.7 billion under management as of March 19, witnessed the largest outflow of $443.5 million, potentially depleting its assets by late July if outflows persist at the current rate. Notably, only BlackRock, Fidelity, and Bitwise's ETFs recorded net inflows, totaling $117.3 million. Among them, BlackRock's iShares Bitcoin Trust (IBIT) attracted the most significant inflows at $75.2 million, while the Fidelity Wise Origin Bitcoin Fund (FBTC) received $39.6 million.

123456789

Flows for all 10 U.S. spot Bitcoin ETFs, green row highlights March 19. Source: Farside Investors

The outflows from ETFs surpassed the previous record set at $158.3 million on Jan. 24, marking the second consecutive day of net outflows. These substantial withdrawals occurred alongside Bitcoin's price decline to $62,400 during U.S. trading hours on March 19, following its peak of $73,835 on March 14. Currently, Bitcoin is trading at $61,173, slightly above its intraday low of $60,872.

March 18 saw GBTC's largest net outflow day of $642.5 million, contributing to its total outflows of nearly $12.9 billion in the 49 trading days since Jan. 11, when it transitioned from a trust to an ETF.