The Bitcoin ETF market in the US is facing a challenging period, as almost all products experienced significant outflows in March. Analysts predict a prolonged bear market that could last up to a year.
March 2023 was a difficult month for most Bitcoin ETFs in the US. Almost all of these financial products experienced net outflows, indicating increasing investor skepticism about the Bitcoin market. According to data from Farside Investors, outflows far exceeded inflows, resulting in a negative overall result.
BlackRock‘s iShares Bitcoin Trust ETF was particularly hard hit, recording outflows of $552 million while inflows totaled just $84.6 million. Fidelity’s Wise Origin Bitcoin Fund also suffered outflows of over $517 million, with inflows of just $136.5 million. The Grayscale Bitcoin Trust ETF recorded outflows of over $200 million and no inflows.
Interestingly, the Grayscale Bitcoin Mini Trust ETF was the only product to buck the negative trend. It experienced no net outflows and even recorded inflows of over $55 million. Overall, outflows from US Bitcoin ETFs totaled over $1.6 billion in the first 17 days of March, while inflows reached only $351 million, resulting in a net outflow of nearly $1.3 billion.
Ether-based investment products also experienced a difficult month. BlackRock’s iShares Ethereum Trust ETF recorded outflows of $126 million with no monthly inflows. Fidelity’s Ethereum Fund had outflows of approximately $73 million and inflows of only $21 million. Overall, Ether ETFs recorded over $300 million in outflows in March.
The negative performance of these products reflects the overall sentiment in the crypto market, which is becoming increasingly bearish. CryptoQuant CEO Ki Young Ju declared on March 18 that the Bitcoin bull cycle is over and expects bearish or sideways price movements for up to a year. Ju argued that on-chain metrics point to a bear market as new whales sell at low prices while liquidity dwindles.
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