Despite experiencing significant price fluctuations earlier this week, Bitcoin has ultimately concluded the week on a downward trajectory as investor confidence continues to wane.
In light of Bitcoin’s declining price trend, interest from institutions in spot Bitcoin ETFs has markedly decreased. Recent data from SoSoValue indicates that investors have withdrawn hundreds of millions of dollars across various funds during the latest trading session.
Withdrawals from Bitcoin ETFs reach $348 million
The figures reveal that U.S. spot Bitcoin ETFs experienced a net outflow amounting to $348.83 million on Friday, March 6, indicating a halt in institutional interest as Bitcoin undergoes another round of price correction.
This substantial withdrawal resulted in the closure of the week for these ETFs on a bearish note while Bitcoin was trading around $68,110—a significant drop from its previous peak at $74,000 just three days earlier.
This notable outflow represents the largest recorded by Bitcoin funds collectively throughout March and has raised concerns among market participants.
Although this decline in demand for Bitcoin-based ETFs coincides with broader market volatility, analysts remain relatively unconcerned since overall inflows since the approval of spot Bitcoin ETFs in the United States back in 2024 have been remarkably positive.
BlackRock maintains its leadership
BlackRock has consistently held its position at the forefront regardless of market conditions; however, its ETF known as IBIT witnessed substantial withdrawals totaling $143.45 million—the highest among all listed ETFs.
Soon after was Fidelity’s (FBTC), which reported outflows amounting to $158.54 million during the same trading period. Additionally, Grayscale’s Bitcoin ETF also faced minor withdrawals with an exit figure reaching $9.56 million.
Even though these funds experienced notably negative movements, none managed to attract even minimal capital inflow as institutional investors seem to be exercising caution amid current conditions.