Spot Bitcoin ETFs suffer third straight day of net outflows, $261M bled

United States-listed spot Bitcoin ETFs have now bled around $742 million in just three trading days.

United States spot Bitcoin (BTC) exchange-traded funds (ETFs) have now marked their third straight day of total net outflows, with $261.5 million leaving the ten approved funds on March 20.

It brings three-day net outflows to $742 million as March 18 and 19 saw respective net outflows of $154.3 million and $326.2 million, per Farside Investors data.

The outflow was due mainly to another solid day of outflow from the Grayscale Bitcoin Trust (GBTC), which bled $386.6 million, while Invesco Galaxy Bitcoin ETF (BTCO) also saw $10.2 million exit the fund. Both came to eclipse the trickle of inflows from the eight other approved ETFs.

BlackRock’s iShares Bitcoin Trust (IBIT) had its second-lowest-ever net inflow day at $49.3 million — just $4 million more than its daily low of Feb. 6, and the Fidelity Wise Origin Bitcoin Fund (FBTC) similarly had a runner-up low inflow day at $12.9 million.

It’s the second-highest net outflow day for the ten ETFs, beaten only by $326.2 million that left the funds on March 19.

Related: Bitcoin bull cycle is ‘far from over’ thanks to the halving — CryptoQuant research

Meanwhile, Bitcoin gained over 3% during U.S. trading hours and has seen a 7.5% gain over 24 hours to trade at $66,838, according to Cointelegraph Markets Pro.

Over the previous week, BTC has slid from its March 14 record high as the countdown to the blockchain’s halving — where mining rewards are cut 50% — enters into its final month.

Historically, BTC has fallen in the lead-up to the halving, and it has followed a similar pattern this time around as the event enters into the final 30 days, per CoinMarketCap data.