All but 1 US spot Bitcoin ETF in the red this March

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Nearly all United States spot Bitcoin ( $63,542.00 ) exchange-traded funds (ETFs) had net negative performances in March as analysts expect a bearish Bitcoin ( $63,542.00 ) trend of up to 12 months.

Farside Investors data showed that spot Bitcoin ( $63,542.00 ) ETFs struggled in March, with net outflows surpassing their monthly net inflows. Asset manager BlackRock’s iShares Bitcoin ( $63,542.00 ) Trust ETF (IBIT) suffered the most, with outflows reaching $552 million and inflows of only $84.6 million.

According to the data, Fidelity’s Wise Origin Bitcoin ( $63,542.00 ) Fund (FBTC) saw outflows of over $517 million and had inflows of only $136.5. The data also showed that Grayscale’s Bitcoin ( $63,542.00 ) Trust ETF (GBTC) had outflows of over $200 million and had zero inflows.

However, Grayscale’s Bitcoin ( $63,542.00 ) Mini Trust ETF (BTC) is the only one that defied the trend, with zero net outflows for March and over $55 million in net inflows.

*Spot Bitcoin ( $63,542.00 ) ETF flows in millions. Source: Farside Investors*

US Spot Bitcoin ( $63,542.00 ) ETFs had outflows of over $1.6 billion in March

Overall, the spot Bitcoin ( $63,542.00 ) ETFs combined had outflows of over $1.6 billion in the first 17 days of March and recorded only $351 million in inflows. This wasn’t enough to offset the losses, bringing the net outflow to nearly $1.3 billion.

Meanwhile, Ether-based investment products aren’t doing any better. BlackRock’s iShares Ethereum ( $1,688.95 ) Trust ETF (ETHA) had the most outflows, reaching $126 million, but it did not record any monthly inflows. Fidelity’s Ethereum ( $1,688.95 ) Fund (FETH) recorded outflows of about $73 million but only had $21 million in inflows.

Ether ETFs had negative results throughout March, except for March 4, when inflows reached $14 million. However, spot Ether ETFs performed poorly in the rest of March, with over $300 million in total outflows.

*Spot Ether ETF flows in millions. Source: Farside Investors*

CryptoQuant CEO says BTC bull cycle is over

The performance of crypto exchange-traded products comes as sentiments for Bitcoin ( $63,542.00 ) and the crypto market turn bearish.

On March 18, CryptoQuant founder and CEO Ki Young Ju said the “ Bitcoin ( $63,542.00 ) bull cycle is over.” The executive expects up to a year of bearish or sideways price action. Ju argued that onchain metrics indicate a bear market. The executive said that new whales are selling low as liquidity dries up.