In the recent week, Bitcoin ETFs experienced a significant outflow of $888 million over five consecutive days, as reported by BitMEX Research. The largest outflows occurred on March 19 and March 20, amounting to $326 million and $262 million, respectively. However, towards the end of the week, the outflows slowed down, with $94 million leaving on Thursday and $52 million on Friday.

The iShares Bitcoin Trust (IBIT) by BlackRock hit a record low daily flow of $19 million on Friday, according to BitMEX Research data. Despite this, both IBIT and the Fidelity Wise Origin Bitcoin ETF have managed to attract net inflows in their first 50 days of trading, a notable achievement in the ETF market.

This period marked the first instance of five consecutive days of net outflows in the sector, following four days of outflows from January 22 to January 25. The recent outflow streak followed a week where the funds experienced a record $2.5 billion in net inflows.

The price of Bitcoin saw a decline from nearly $68,000 on March 18 to below $61,000, representing a drop of over 10%. Although the price fluctuated throughout the week, it remained significantly below its peak of over $73,000 on March 14. As of Monday morning, BTC was valued at $67,000.

Analysts attribute the lower inflows to the recent price correction, which led to investor hesitancy, particularly in the US market. Notably, Grayscale Investments, a major player in the Bitcoin fund market, did not fare well last week, with outflows of around $2 billion, while its competitors attracted approximately $1.1 billion in inflows.

The possibility of Genesis, a bankrupt lender, selling off its GBTC shares may have contributed to the outflows, as suggested by Bloomberg Intelligence analyst James Seyffart. This dynamic market environment reflects the evolving trends and challenges faced by Bitcoin ETFs in the current financial landscape.