The spot Bitcoin (BTC) exchange-traded fund (ETF) recorded a total net outflow of $296.18 million during the week ending March 28, reversing the trend of $2.2 billion that had flowed in over the previous four weeks.
On that Friday alone, $225.62 million flowed out, marking the largest daily redemption volume since March 3.
**BlackRock**'s iShares Bitcoin Trust led the fund outflows on Friday, with $206.6 million flowing out, while Bitwise and Ark Invest funds had net outflows of $18.6 million and $5.35 million, respectively.
The combined net assets of all spot Bitcoin ETFs decreased from over $90 billion a week ago to $84.77 billion.
The box market created by liquidity conditions
Bitcoin prices fluctuated between $65,000 and $72,000 throughout the week, avoiding a clear directional bet. Weekly trading volume decreased from $25.87 billion in early March to $14.26 billion, reflecting a reduction in institutional investors' activity.
An analyst from Bitunix stated in an interview with Cointelegraph that Bitcoin is acting more like an asset reflecting liquidity conditions rather than a breakout asset. This analyst pointed out that funds are neither completely exiting the market nor taking clear directional risks, indicating a high likelihood of continued volatility within the already established price range until the macro environment aligns.
The cumulative net inflow into spot Bitcoin ETFs remains at $55.93 billion despite this week's reversal.
During the month of March, total inflows (gross inflow) recorded $2.5 billion, with net inflows of $1.6 billion, maintaining a positive flow even after net outflows on March 5-6 and 18-20, according to Bloomberg analyst **Eric Balchunas**.
Read together: The Hidden Signals Flashing Before Every Bitcoin Crash
Ethereum ETF, Losses Widen
The spot Ethereum (ETH) ETF recorded losses for two consecutive weeks, showing a net outflow of $206.58 million over the week.
On Thursday, $92.54 million flowed out in a single day, marking the week's largest daily outflow, with an additional $48.54 million flowing out on Friday.
The Ethereum ETF product has reversed its flow, recording consistent net outflows every trading day since March 18, after a brief net inflow earlier this month.
Since the beginning of 2026, the net outflow of all Bitcoin ETFs has decreased from a combined $1.81 billion in January-February to about $210 million following the recovery in March.
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