In March, nearly all United States Bitcoin ETFs (exchange-traded funds) posted net negative returns. Analysts expect Bitcoin to continue on a downward trend for up to 12 month.
Farside Investors data showed Spot Bitcoin ETFs suffered in March as their net monthly outflows exceeded the net monthly inflows. BlackRock’s iShares Bitcoin Trust Trust ETF(IBIT) was the worst-affected, as outflows reached $552 million while inflows were only $84.6 millions.
The data shows that Fidelity’s Wise Origin Bitcoin Fund saw withdrawals in excess of $517 million, but only received $136.5. Grayscale Bitcoin Trust ETF, (GBTC), also had data showing outflows in excess of $200 million.
Grayscale’s Bitcoin Mini Trust ETF, BTC, is the lone exception, as it had no net outflows during March but over $55 millions in net inflows.
Bitcoin ETF flow in millions. Source: Farside Investors
US Spot Bitcoin ETFS saw outflows totaling over $1.6 Billion in March
In total, spot Bitcoin ETFs had outflows in excess of $1.6 billion during the first 17 of March. Only $351 million of inflows were recorded. The net loss was $1.3 billion.
Ether investment products also aren’t faring much better. BlackRock’s iShares Ethereum Trust ETF(ETHA) recorded the highest monthly outflows of $126 millions, while it failed to record any inflows. Fidelity’s Ethereum fund (FETH), which is managed by Fidelity, saw outflows amounting to $73 million and only inflows of $21 millions.
The performance of Ether ETFs was negative throughout the month, with only one exception: March 4 when there were inflows exceeding $14 million. The performance of spot Ether funds was poor throughout the month, as they lost over $300 million.
Spot Ether ETFs in Millions Source: Farside Investors
Related: Yuga exec warns about ‘true bear market’ Ether price as whales scramble
CryptoQuant CEO declares BTC bull-cycle over
Bitcoin’s price and sentiment in the cryptocurrency market are falling.
Ki Young Ju, CEO of CryptoQuant and its founder, made the statement on March 18. “Bitcoin bull cycle is over.” The Executive expects up to a year Price movement that is bearish or in a sideways direction. Ju said that the onchain metrics indicated a bearish market. He said new whales have been selling for low prices as the liquidity has dried up.
Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express
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Source: cointelegraph.com
