Bitcoin ETFs Lose $163M, Breaking 7-Day Inflow Streak

Key Insights:

• Bitcoin ETFs shed $163.5 million on Wednesday after four funds reported outflows, including Fidelity and BlackRock.
• Bitcoin ETFs’ net assets stood at $56.35 billion. ETH ETFs posted $55.7 million in net outflows.
• BTC price dipped below $70,000 Thursday morning amid the intensifying conflict between Iran and US-Israel.

Bitcoin (BTC) spot exchange-traded funds (ETFs) posted $163.5 million net outflows on Wednesday, breaking a seven-day net inflow streak. Fidelity (CBOE: FBTC) shed the most yesterday, posting a $103.8 million net outflow.

Iran and Israel ramped up strikes on each other on Wednesday, sending Brent crude past $118 per barrel as of the time of writing this report. As of the first two hours of Thursday market open, Gold futures were down over 5%; the Greenback and S&P 500 were down nearly 1% each.

Bitcoin price closed at $71,259 yesterday but dipped below $70,000 by Thursday morning, as long liquidations surged.

Bitcoin ETFs Break 7-Day Net Inflows Streak; 4 Funds Shed

FBTC led Wednesday’s outflows, with none of the 12 funds reporting inflows. BlackRock (NASDAQ: IBIT) posted the second-biggest outflow at $33.91 million. Grayscale (NYSE: GBTC) posted $18.82 million in outflows, and Bitwise (NYSE: BITB) shed $6.96 million.

So far this week, net inflow stands at $237.47 million. The first two weeks of March showed net inflows of $568.45 million and $767.33 million, respectively.

Etheruem spot ETFs also posted net outflows on Wednesday, with Fidelity (CBOE: FETH) leading outflows with a $55.7 million outflow.

Solana spot ETFs shed $295.73K on Wednesday; VanEck (NASDAQ: VSOL) was the sole fund to report activity. ETF flows have been net positive on most days since the war began. Bitcoin price rose by over 15% during that period.

BTC ETFs Post Dip Amid Sharp Correction in BTC Price

BTC ETFs posted net outflows on Wednesday; meanwhile, the day ended with Bitcoin price below the Sunday closing price. The largest cryptocurrency by market capitalization traded at $69,401 at press time. It reflected a 2.5% dip below Wednesday’s closing price ($71,259).

Bitcoin posted red candles (a red candle means the day’s closing price was below the day’s opening price) on Tuesday and Wednesday. It posted a record 8 consecutive green daily candles.

Amid the intensifying war between Israel and Iran, liquidations surged to $541.09 million in the last 24 hours. Longs constituted the major portion of these liquidations — $443.2 million. CoinGlass liquidation heatmaps show strong leverage concentration at $70,649.

Bitcoin exchange balance (data by CoinGlass) shows an outflow of 3586 in the last 24 hours, with Coinbase leading the outflow (-2,880.88 BTC). Binance displayed an inflow of 725.28 BTC.

Meanwhile, analyst Ted Pillows pointed out on X that the Coinbase Premium Index displayed a dip, indicating sell pressure in the US. Pillows noted that institutions were selling. BTC ETFs reflect institutional demand; Wednesday’s net outflows could potentially be a signal for a shift in sentiment.