After 10 consecutive days of positive inflows into spot Bitcoin ETFs, March 28 broke the trend, recording net outflows totaling $93.2 million. This was the first day of negative flows since March 13, breaking a strong streak of investor demand that had seen over $1 billion in cumulative inflows.
The outflows were entirely concentrated in a single fund, FBTC, Fidelity’s offering, which saw a sizable redemption of $93.2 million. No other ETF recorded inflows or outflows that day, suggesting the movement was idiosyncratic rather than market-wide.
The rest of the major ETFs, including BlackRock’s IBIT, Bitwise’s BITB, ARK 21Shares’ ARKB, Grayscale’s GBTC, and others like BTCO, EZBC, and HODL, reported zero flows, indicating a pause in activity. The flat flows across most issuers could suggest end-of-month rebalancing, investor hesitation ahead of macroeconomic data, or merely a breather after sustained inflows.
While a single day of outflows isn’t necessarily indicative of a trend reversal, the fact that FBTC, the second-largest spot Bitcoin ETF by assets, was the only one to see significant redemptions raises questions about whether this was a fund-specific reallocation or the start of more cautious positioning by institutional investors.
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