In March, nearly all US spot Bitcoin exchange-traded funds (ETFs) have reported negative performances, with only Grayscale’s Bitcoin Mini Trust ETF showing positive results. The overall outflows from spot Bitcoin ETFs exceeded $1.6 billion between early March and the 17th, overshadowing the $351 million in inflows. Notable projects like BlackRock's iShares Bitcoin Trust ETF suffered the greatest losses, with $552 million in outflows, while Fidelity’s Wise Origin Bitcoin Fund also faced significant withdrawals. In contrast, Grayscale’s Bitcoin Mini Trust ETF managed to maintain a steady influx of over $55 million, a rare bright spot amid the bearish trend expected to last up to a year. This downturn is mirrored in Ether-based investment products, which also show substantial outflows. Analysts, including CryptoQuant's CEO, suggest that the current market conditions indicate the end of the Bitcoin bull cycle as key onchain metrics point towards a bear market dominated by selling pressure.

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