Spot Bitcoin ETFs experienced a significant net outflow of $140 million on March 1, primarily due to a massive outflow of $492.2 million from GBTC. Despite this, the weekly net inflow remained positive at $1.7 billion. This outflow from GBTC was attributed to the Genesis and Gemini situation, with Genesis recently receiving court approval to sell 35 million GBTC shares worth $1.3 billion.
The trading volumes for spot Bitcoin ETFs surged on March 1, reaching the third-highest level ever recorded. Analysts suggest that this heightened activity may subside in the coming days. Notably, BlackRock’s iShares Bitcoin ETF (IBIT) saw a substantial inflow of $202.5 million, contributing to a total net inflow of over $7.95 billion and asset holdings exceeding $10.5 billion.
Other notable inflows included $49.3 million into Fidelity Bitcoin ETF (FBTC), $55 million into Ark 21Shares Bitcoin ETF (ARKB), and marginally lower inflows into Bitwise (BITB) and other spot Bitcoin ETFs. However, VanEck Bitcoin ETF (HODL) experienced another outflow of $1.8 million.
Meanwhile, GBTC continued to witness significant outflows, with an additional $492.4 million leaving the fund after a $598.9 million outflow on Thursday. Overall, GBTC’s net outflows have surpassed $8.89 billion to date.
In terms of BTC price action, it has been trading sideways around $62,046 after a 45% increase last month. The trading volume has decreased by 30% in the last 24 hours, indicating a decline in trader interest. Despite recent reports suggesting a potential price correction to $42,000 after the bitcoin halving, long-term predictions of Bitcoin reaching $100,000 remain prevalent.
Bitcoin futures and options open interests continue to remain at record levels, with total futures open interest exceeding $27.26 billion. However, Bitcoin options puts currently exceed calls due to high funding rates.