March 28 marked the end of a 10-day streak of positive inflows for spot Bitcoin ETFs, as the day recorded net outflows amounting to $93.2 million. This was the first occurrence of negative flows since March 13, disrupting a substantial period of investor interest that had resulted in over $1 billion in total inflows.
The outflows were solely linked to a single fund, FBTC, which is Fidelity’s offering, experiencing a significant redemption of $93.2 million. No other ETFs reflected inflows or outflows on that day, indicating that this movement was specific rather than reflective of a broader market trend.
Meanwhile, other prominent ETFs, such as BlackRock’s IBIT, Bitwise’s BITB, ARK 21Shares’ ARKB, and Grayscale’s GBTC, along with funds like BTCO, EZBC, and HODL, reported zero flows. This indicates a slowdown in activity. The lack of movement across most funds could imply end-of-month adjustments, investor caution ahead of upcoming macroeconomic data, or a simple pause after a period of sustained inflows.
Although a solitary day of outflows doesn’t definitively signal a trend change, the fact that FBTC, the second-largest spot Bitcoin ETF by assets, was the only fund to experience notable redemptions raises questions about whether this indicates a fund-specific shift or the beginning of a more cautious stance from institutional investors.