Bitcoin ETFs See $768 Million Outflow In March As Price Slips, Crowd Sentiment Turns Cautious
March was a high-action month for Bitcoin (BTC/USD) and its related spot ETFs, with the cryptocurrency facing major setbacks.
The price of Bitcoin started going south right after touching a record price of $109,114 on Jan. 20. By the end of March, the price had dropped by 23% from its peak. More specifically, the price of Bitcoin dropped by 2.3% in March.
Also Read: Bitcoin Is In A Mini Bear Market, Says 10x Research
This bearish sentiment was reflected in the ETF market. U.S. spot Bitcoin ETFs saw investors withdrawing $767.9 million in March, the second-largest amount on record. Still, if it’s any consolation, the March outflow number was better than February’s staggering $3.56 billion outage, which left the crypto world reeling.
Investor sentiment has been quite responsive to the market mood. Statistics from Santiment reveal that Bitcoin’s price action has tended to be the opposite of the prevailing crowd sentiments. A case in point is that bullish sentiments on March 23 and March 25 resulted in price corrections, while on March 29, bearishness …
About The Author
