Spot Bitcoin ETF outflows last week eclipsed inflows from the previous 4 days

Last week, the rout on the broader market fueled a corresponding sell-off in spot Bitcoin ETF outflows.

Last week's rout on the broader market fueled a corresponding sell-off in spot Bitcoin (BTC) ETF outflows. According to data from SoSoValue, the funds suffered a 73.6% outflow from the previous week, setting a new record low for this year. Precisely, an outflow of $196.48 million was recorded against $744.35 million in the previous week.

The BTC ETF market responds to any uncertainties on the broader crypto market. In essence, the Bitcoin ETF market saw positive inflows for the first four days of the week that ended March 28. But the products saw a general shift, with a $93.16 million outflow on Friday, March 28.

While BlackRock’s IBIT and Fidelity’s FBTC saw massive inflows during the period, ETF issuers like Franklin Templeton, Valkyrie, VanEck and WisdomTree, among others, contributed little or nothing to the inflow trend.

The $93.16 million outflow recorded by spot Bitcoin ETFs on Friday ended the industry’s 10-day inflow streak. While the flow has remained consistent, data shows that the figures for the past week are milder than the previous week.

The biggest daily inflow thus far this month was on March 17, with a record $274.6 million. Fidelity Investments led the flow at the time with $127.3 million.

As the performance of Bitcoin has largely dampened sentiment in the broader digital currency, firms like Metaplanet are rolling out new debt offerings to buy the coin. The goal is to scoop the coin up at a good discount.

The goal of the newly launched cryptocurrency investment firm is to invest in various crypto firms and decentralized finance protocols. The firm is also planning to launch an arbitrage fund later this year.

Recently, institutional adoption of Bitcoin has remained positive, with Strategy announcing massive acquisitions earlier this month.