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Category: NFT News

Spot Bitcoin ETFs Suffer Worst Week Yet With $890 Million In Outflows

Heavy GBTC sales drove five straight days of outflows.

Last week hosted record outflows from spot Bitcoin ETFs, with inflows to newly launched funds failing to offset heavy outflows from the recently converted Grayscale Bitcoin Trust amid heavy selling from Gemini.

According to data from Soso Value, spot Bitcoin ETFs shed $889.75 million worth of assets during an unprecedented five consecutive days of outflows from March 18 through March 22. March 19 hosted a record outflow of $326.2 million, with outflows steadily declining down to $51.6 million on March 22.

The milestone follows a volatile week for Bitcoin and the broader crypto markets, with BTC sinking 8.5% from $68,500 to a low of $62,700 over the same period.