Bitcoin Suffers Crash To $65,000 As Spot ETF Inflows Wane

Bitcoin is closing out the week on a rather bearish note after suffering a massive crash in the early hours of Friday. The crash pushed the price below $66,000, drawing the rest of the crypto market down with it in the process. The reason for this crash could be traced back to what started the bull run in the first place – Spot Bitcoin ETFs.

Spot Bitcoin ETF Net Flows Suffer

After a long strength of what seemed to be only inflows for Spot Bitcoin ETFs across the space, institutions seem to be scaling back on their buying this week. The data aggregation platform Spot On Chain, revealed that net flows into these ETF dropped drastically over the last few days.

The decline was first noted on Wednesday, March 3, when daily net inflows had experienced a 38% crash. Interestingly, Wednesday had seen the second-largest daily inflow for these Spot BTC ETFs. However, with outflows ramping up at the same time, the net inflows have begun to wane.

This trend continued on Thursday, March 14, as net inflows into the Spot ETFs registered another massive crash. This time around, it fell 80.6% compared to the prior day, which had already seen a 38% decline. As a result, the ETFs saw their worst trading day in over a week.