In the recent week, the ten US spot bitcoin ETFs experienced a unique trend of continuous net outflows, marking a significant departure from their previously successful performance. Data from BitMEX Research revealed that these funds witnessed a total of $888 million exiting over a five-day period, with notable outflow peaks on March 19 and March 20, amounting to $326 million and $262 million, respectively.

As the week progressed, the pace of net outflows decelerated, with Thursday seeing $94 million leaving and Friday recording $52 million exiting the funds. Notably, BlackRock’s iShares Bitcoin Trust (IBIT) hit a record low in daily flows on Friday, with only $19 million flowing out, as indicated by BitMEX Research data.

Despite this outflow trend, both IBIT and the Fidelity Wise Origin Bitcoin ETF managed to attract net inflows consistently during their initial 50 days of trading, a remarkable achievement in the realm of new ETFs, according to analysts. This contrasted with the previous period where the sector experienced four consecutive days of outflows from January 22 to January 25.

The recent outflow streak followed a notable week for the funds, where they amassed $2.5 billion in net inflows. However, the price of bitcoin underwent a significant drop from nearly $68,000 on March 18 to below $61,000, representing a decline of over 10%. Despite subsequent fluctuations, the price remained distant from its peak of over $73,000 set on March 14.

By 7 a.m. ET on Monday, BTC's price was at $67,000. Analysts attributed the reduced inflows to new ETF issuers in the US to investor hesitancy triggered by the recent price correction, as highlighted in a report by CoinShares' head of research, James Butterfill.

Notably, the new ETF bitcoin fund issuers, excluding Grayscale Investments, faced challenges from the converted Bitcoin Trust (GBTC) on Jan. 11. While GBTC experienced significant outflows amounting to around $2 billion, its nine competitors managed to attract approximately $1.1 billion, with Bloomberg Intelligence analyst James Seyffart suggesting that Genesis' actions might have influenced the outflows observed.