More than $640 million in Bitcoin was withdrawn from the Grayscale spot Bitcoin ETF yesterday, marking the largest outflow from the fund since its conversion to a spot ETF on January 11.
This represented a net outflow of $154.3 million for spot Bitcoin ETFs. At the same time, the Fidelity ETF, the second largest fund, recorded inflows of $5.9 million, according to data from Farside Investors.
Currently, the price of Bitcoin stands at around $63,000.
While some believe these outflows, the upcoming halving and the March 20 Federal Reserve meeting could be contributing to the recent Bitcoin price drop, others are optimistic about future ETF flows.