Crypto Price Analysis: On Saturday, the cryptocurrency market witnessed a modest uptick as the leading digital asset Bitcoin and Ethereum surged nearly 1% to ease the broader market sell-off. However, as the US-listed spot, BTC ETFs continue to witness aggressive outflow, which pressurizes the underlying asset Bitcoin to prolong its correction which simultaneously triggers selling pressure in altcoins
In a revealing update from SpotOn Chain, Bitcoin ETFs saw a net outflow of $52 million on March 22, 2024. This capped off a week of negative trends totaling an $888 million outflow across 10 ETFs. Cumulative net inflow is now at a low of $11.27 billion after 50 trading days. Notably, the iShares Bitcoin Trust recorded a single-day inflow of just $18.9 million, the lowest in 20 days.
$BTC #ETF Net Inflow Mar 22, 2024: -$52M!
• This is the first time we’ve observed an entire week with negative net inflows, amounting to $888M flowing out of the 10 $ETFs in total.
• The cumulative net in
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