In March 2025, almost all US spot Bitcoin ETFs reported negative performances as the crypto market entered a bearish phase, except for Grayscale’s Bitcoin Mini Trust ETF, which recorded positive growth. Data indicated that combined net outflows of Bitcoin ETFs exceeded $1.6 billion, while inflows were only $351 million, leading to a net outflow of nearly $1.3 billion. Notably, BlackRock’s iShares Bitcoin Trust ETF faced significant outflows of $552 million, with a mere $84.6 million in inflows. Similarly, Fidelity’s Wise Origin Bitcoin Fund saw over $517 million in outflows against $136.5 million in inflows. On the Ether front, similar trends were observed, with BlackRock’s iShares Ethereum Trust ETF also suffering outflows without any inflows. The overall sentiment in the market turned bearish, with insights suggesting a prolonged downturn as analysts indicated that the Bitcoin bull cycle might be over, leading to increased selling pressure and declining liquidity.

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