Bitcoin exchange-traded funds (ETFs) in the United States have experienced three consecutive days of net outflows, with $261.5 million leaving the 10 approved funds on March 20. This brings the total net outflows over the three-day period to $742 million, as $154.3 million and $326.2 million were withdrawn on March 18 and 19, respectively, according to data from Farside Investors.
The outflows were primarily driven by the Grayscale Bitcoin Trust (GBTC), which saw $386.6 million leave the fund. The Invesco Galaxy Bitcoin ETF (BTCO) also experienced an outflow of $10.2 million. These outflows surpassed the inflows into the eight other approved ETFs.
BlackRock’s iShares Bitcoin Trust (IBIT) had its second-lowest net inflow day at $49.3 million, only $4 million higher than its daily low on Feb. 6. Similarly, the Fidelity Wise Origin Bitcoin Fund (FBTC) had a low inflow day at $12.9 million.
This marks the second-highest net outflow day for the 10 ETFs, with the highest being $326.2 million withdrawn on March 19.
Meanwhile, Bitcoin saw a 3% increase during U.S. trading hours and a 7.5% gain over 24 hours, trading at $66,838, according to Cointelegraph Markets Pro.
Bitcoin’s price hit an intraday low of just below $60,900 in UTC over the past 24 hours.
In the past week, BTC has declined from its record high on March 14 as the countdown to the blockchain’s halving, where mining rewards are reduced by 50%, enters its final month. Historically, BTC has experienced a decrease leading up to the halving, and this trend has continued this time around as the event approaches its final 30 days, according to CoinMarketCap data.