The US-based Bitcoin ETFs (exchange-traded funds) have continued to struggle in terms of investor participation and interest over the last few weeks. In the last week of February, the crypto-based financial products witnessed a record-breaking $1.14 billion single-day withdrawal . The story wasn’t any much different for the Bitcoin ETFs to start the month of March, registering a net outflow of nearly $800 million in the past week. This growing trend reflects the shift in the appetite and sentiment of institutional investors, especially in the United States. Bitcoin ETFs Post $409 Million Daily Net Outflow According to the latest market data , the United States Bitcoin ETF market posted a daily net outflow of roughly $409 million on Friday, March 7. This marked the fifth consecutive day of withdrawals for the Bitcoin exchange-traded funds. Ark & 21 Shares Bitcoin ETF (with the ticker ARKB) saw the largest volume of withdrawals (over $160 million) on Friday. This was followed closely by Fidelity Wise Origin Bitcoin Fund (FBTC), which posted net outflows of approximately $155 million to close the week. BlackRock’s Bitcoin Trust (IBIT), the largest Bitcoin exchange-traded fund by net assets, declined in net value by $39.85 million on Friday. Meanwhile, Grayscale’s Bitcoin Trust (GBTC) and Bitwise’s BTC fund (BITB) followed with total outflows of roughly $36.5 million and $18.6 million, respectively, on the day. Interestingly, VanEck’s Bitcoin fund (with the ticker HODL) was the only one of the US-based Bitcoin ETFs that recorded a net inflow on Friday. The exchange-traded fund added about $617,500 in value to close the week. As already mentioned, this single-day performance marked the fifth straight day of net outflows for the Bitcoin ETFs. The crypto-based products are yet to record an inflow day in March, as they last posted a net daily inflow on Friday, February 28. This $409 million single-day withdrawal put the Bitcoin ETFs’ weekly performance at a net outflow of $799.9 million in the past week. Interestingly, this represents the fourth consecutive week (and the second-highest ever) of net outflows for the crypto exchange-traded funds. Bitcoin Price At A Glance The performance of the BTC exchange-traded funds in recent weeks somewhat mirrors the sluggish Bitcoin price action within this same period. The price of Bitcoin has been unable to sustain any positive momentum from the somewhat improving crypto climate in the United States. As of this writing, the premier cryptocurrency is valued at around $86,100, reflecting an over 1% price decline in the past 24 hours. On the weekly timeframe, though, the Bitcoin price is up by more than 2%, according to data from CoinGecko.
