Bitcoin Spot ETFs See 4 Consecutive Days Of Outflows, Here’s What Happened Last Time

Bitcoin News
Breaking News: BREAKING: Bitcoin Hits New All-Time High, Surging Past $70,000 For The First Time In History
Bitcoin
Bitcoin Spot ETFs See 4 Consecutive Days Of Outflows, Here’s What Happened Last Time
Scott Matherson by Scott Matherson March 22, 2024



Bitcoin Spot ETF outflows have ramped up this week and has seen the week characterized by price declines throughout the crypto space. These outflows, like before, are being led by the Grayscale Spot ETF as investors believe their fees are too high. This has led to four consecutive week of outflows, which is the second time it is happening since Spot ETFs were approved for trading. So, where does the Bitcoin price go from here?

Bitcoin Spot ETFs Hit 4 Consecutive Days Of Outflows
The outflows began on Monday and continued into subsequent days. So far, the highest single-day outflow happened on Tuesday, March 19, with total net flows for the day coming out to $326.2 million, a new record for Bitcoin funds.

Related Reading: Top 3 Solana Meme Coins To Buy Amid The Bitcoin Crash That Could 10x
Subsequent days have seen lower figures when it comes to overall net flows but they continue to come out in the negative. On Wednesday, net flows were $261.5 million, and on Thursday, March 22, net flows came out to $94 million. This marked the second time that the Spot Bitcoin ETFs are seeing four consecutive days of outflows this year.

No KYC Casino and Sportsbook with up to 300% match bonus + 175 Free Spins, and Wager Free Cashback. Play now at ROLR.IO!

The vast majority of these outflows, as mentioned above, are coming from the Grayscale Bitcoin ETF. In the last day alone, the fund saw outflows of 5,900 BTC, which translates to $339 million at current prices. Then, over the last week, Coinglass data shows that 28,207.5834 BTC has left the fund, causing its total BTC under management to fall by 7.35% in one week.

Other funds have also seen outflows during this time but to a much lower degree. For example, the Invesco Galaxy Bitcoin ETF saw the second-highest outflow of all the funds, but only 667 BTC flowed out of the fund in the last day. The WisdomTree Bitcoin Fund saw 10.8.2635 BTC in outflows, while all other outflow figures came in below 100 BTC.

What Happened To BTC The Last Time?
The last time that Spot Bitcoin ETFs saw four consecutive days of outflows was in January, lasting from January 22 to January 25. This also bears some similarities to the current outflow trend in some was, one of which was the outflows began at the start of the week and carried through to the end.

570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!
Related Reading: Crypto Analyst Says XRP Price Is Headed For $27 As 2017 Pattern Emerges
However, a difference between both times is that the ETFs had just begun trading with trading days fluctuating between inflows and outflows. Meanwhile, the current trend has come after almost two consecutive weeks of inflows, something that could have an impact on the BTC price going forward.

In January, after four days, the outflows had begun to slow down, and by Friday, there was a change in direction, with inflows beginning to dominate. Once the tide turned and ETF inflows began to rise, the BTC price followed sharply.

With the climb came a more established rally in the Bitcoin price, causing it to go from $40,000 to over $70,000 in the space of two months. If this trend repeats and inflows into Spot BTC ETFs outpace outflows, then the BTC price is expected to start climbing again. However, if the outflows continue, then the BTC price could be in for further crashes.


Bitcoin News
Breaking News: BREAKING: Bitcoin Hits New All-Time High, Surging Past $70,000 For The First Time In History
Bitcoin
This Bitcoin Halving May Not Result In Supply Squeeze: Glassnode
Keshav Verma by Keshav Verma March 22, 2024

Glassnode has suggested that the upcoming Bitcoin halving might not result in a supply squeeze that the market may have anticipated.

Bitcoin Halving May Not Carry Same Impact Due To Spot ETFs
In a new report, the on-chain analytics firm Glassnode has discussed the impact the next Bitcoin halving may have on the economics of the cryptocurrency.

The “halving” is a periodic event for BTC where its block rewards (the rewards the miners receive for adding blocks on the network) are permanently cut in half.

Ad

Next 100x SOL Meme Coin? Claim the FREE Airdrop!
Get Free $SMOG
Bitcoin News
Breaking News: BREAKING: Bitcoin Hits New All-Time High, Surging Past $70,000 For The First Time In History
Stablecoins
Stablecoins Steal The Spotlight: $150 Billion Market Cap, $122 Billion Daily Trades
Christian Encila by Christian Encila March 22, 2024



Stablecoins have recently achieved a significant milestone, surpassing $150 billion in market capitalization, with daily trading volume reaching $122 billion. This achievement marks a notable resurgence and growth in the stablecoin sector, with implications for the broader cryptocurrency ecosystem.

Related Reading: BONK Bonked: Price Crashes 30% In 7 Days – More Pain Ahead?
Market Dynamics And Growth Factors
Stablecoins are digital assets designed to maintain a stable value by pegging their price to a reserve asset, such as the US dollar or other fiat currencies. They serve as a crucial bridge between traditional finance and the crypto space, offering stability and liquidity for users and investors.

The recent surge in the stablecoin market can be attributed to several key factors. Firstly, the growing demand for stable assets in the volatile crypto market has driven increased adoption of stablecoins as a safe haven for traders and investors. Additionally, the rise of decentralized finance (DeFi) platforms has fueled the demand for stablecoins as a means of conducting transactions, providing liquidity, and earning yields.

No KYC Casino and Sportsbook with up to 300% match bonus + 175 Free Spins, and Wager Free Cashback. Play now at ROLR.IO!

Source: CoinMarketCap
Tether’s Dominance And Market Impact
Tether (USDT), one of the most widely used stablecoins, has played a significant role in driving the growth of the stablecoin market. With a market capitalization exceeding $100 billion, Tether’s dominance underscores its position as a key player in the crypto space.

Undoubtedly dominant in this sector, Tether commands a 70% market share. With a market capitalization of over $31 billion, USD Coin (USDC), the second largest stablecoin, grants Circle’s stablecoin a market share exceeding 20%. At the time of writing, DAI held a 3% market share and $4.7 billion, placing it in third position.



570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Total crypto market cap at $2.4 trillion on the 24-hour chart: TradingView.com
Tether’s market impact extends beyond its role as a stable asset, as it has faced scrutiny and regulatory challenges due to concerns about its reserve backing and transparency. Despite these challenges, Tether’s resilience and continued dominance highlight the strong demand for stablecoins and their utility in the digital economy.

Crypto Enthusiasts Celebrate Stablecoins’ Rising Market Cap
The crypto community is cheering the rising market cap of stablecoins, seeing it as a sign of coming prosperity.

Total Stablecoin Mcap:

Mar 21st. $147b.
Feb 21st. $138b.
Jan 21st. $133b.
Dec 21st. $130b.
Nov 21st. $127b.
Oct 21st. $124b.

it is impossible and stupid to not be bullish on DeFi whilst this chart is just up and to the right for the last 6 months. pic.twitter.com/qkcERkIXi8

— ZeroToTom (@zerototom) March 21, 2024

A growing market cap suggests more money is flowing into crypto, providing much-needed liquidity for trading and potentially pushing prices up. Additionally, stablecoins offer a safe haven during market dips, potentially encouraging more investors to enter the broader crypto market. This increased comfort and investment could fuel the entire market’s growth.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Related Reading: Fantom (FTM) Bull Run: Can FTM Hit $2 After 20% Price Spike?
Implications For The Crypto Ecosystem
The surpassing of $150 billion in stablecoin market capitalization signifies a maturing and expanding crypto ecosystem. Stablecoins have become essential infrastructure in the digital economy, enabling seamless transactions, cross-border payments, and financial services innovation.

Featured image from Xverse, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Tags: bitcoincryptodigital currencyStablecoins


Christian Encila
Christian Encila
Christian is a journalist, editor and a former layout design consultant. Alongside his passion for writing, he is an avid fan of cryptocurrency and works tirelessly throughout the week. When he's not on his computer, you can find him tinkering with his old motorbike as a grease monkey, or lounging on the patio hammock while pondering about artificial intelligence and whether he'll ever understand his cat's thoughts and calmness.

Related Posts
The Bitcoin and Crypto Market Downturn: Unraveling the Causes Behind the Slide
The Bitcoin and Crypto Market Downturn: Unraveling the Causes Behind the Slide
March 22, 2024
Fantom FTM price
Fantom (FTM) Jumps 180% In 4 Weeks: Just The Beginning?
March 22, 2024
Bitcoin
Bitcoin Spot ETFs See 4 Consecutive Days Of Outflows, Here’s What Happened Last Time
March 22, 2024
ChainGPT and Polygon Labs team up to boost AI-powered NFT development
ChainGPT and Polygon Labs team up to boost AI-powered NFT development
March 22, 2024
Bitcoin price ETF news
Bitcoin Price Reclaims $66,000 Despite 4-Day ETF Outflow Streak
March 22, 2024
BONK
BONK Bonked: Price Crashes 30% In 7 Days – More Pain Ahead?
March 22, 2024
Premium Partners










Top Casinos
SirWin
SirWin
Review · Visit
BitStarz
BitStarz
Review · Visit
Trust Dice
Trust Dice
Review · Visit
Marsbet
Marsbet
Review · Visit
mBit
mBit
Review · Visit
Inmerion
Inmerion
Review · Visit



Press Releases
Why 1000x Exchange Token is Positioned to Enter Top 10...
27 mins ago
The Passive Income Revolution: Scorpion Casino and the...
30 mins ago
Dogwifhat (WIF) Price Prediction: WIF Holders Explore New...
1 hour ago
Bitcoin (BTC) & Ethereum (ETH) Holders Turn to Pushd...
7 hours ago
Seeking 50X Returns, TRON (TRX) & Polygon (MATIC)...
7 hours ago


About Us
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer
The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Cryptocurrency news
Bitcoin
Ethereum
Ripple
Chainlink
Cardano
EOS
Tezos
Technical Analysis
Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Chainlink (LINK)
Cardano (ADA)
Tezos (XTZ)
Company
Advertising
Comments Policy
Privacy Center
Disclaimer
Sitemap
About Us
Contact

© 2024 NewsBTC. All Rights Reserved.

News
Analysis
Learn
Directory
Casinos
Play Games
Private Casino
Predict BTC price
Huge Win
Crypto Casino
ADVERTISE
© 2024 NewsBTC. All Rights Reserved.