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## Increase in Outflows from Grayscale Bitcoin ETF

More than $640 million worth of Bitcoin (BTC) flowed out of crypto asset manager GrayscaleÔÇÖs spot Bitcoin ETF on March 18, marking the largest day of outflows for the fund since its conversion to a spot ETF on Jan. 11. This significant outflow amounted to a total of $642.5 million on that day. The data from Farside Investors also revealed that inflows into FidelityÔÇÖs Bitcoin ETF, the second-largest fund, declined to just $5.9 million, reaching its lowest level on record.

The substantial outflows from these two leading funds resulted in a net outflow for spot Bitcoin ETFs of $154.3 million. This trend indicates a shift in investment behavior within the cryptocurrency market, raising concerns among investors and analysts.

## Impact on Bitcoin Price and Market Sentiment

As a consequence of the outflows from Bitcoin ETFs, the price of Bitcoin has experienced a decline in value, with the cryptocurrency trading at $65,875 at the time of publication. This represents a 10.5% decrease from its recent all-time high of $73,797, which was reached on March 14.

Several factors have been attributed to the depressed price action of Bitcoin in recent days, including slowing ETF flows, the approaching halving event, and the upcoming United States Federal Reserve’s FOMC meeting on March 20. These events have created uncertainty in the market and have impacted investor sentiment towards Bitcoin and other cryptocurrencies.

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