Bitcoin ETF Loses $767M: A Shift in Investor Enthusiasm Unveiled

Key Points

• Bitcoin ETFs in the US experienced a $767.9 million outflow in March, marking the second-largest selloff.
• Bitcoin’s price and social sentiment have not been in sync over the past month.

Bitcoin and the wider cryptocurrency market have had a tough time aligning with public opinion in recent weeks. In the United States, Bitcoin-based spot ETFs reported their second-highest cumulative monthly outflow in March.

The steady decrease in Bitcoin’s price began on January 20, just after the leading digital currency hit a record high of $109,114. Currently, Bitcoin is down by 23% from its all-time high.

Bitcoin’s Performance

This negative sentiment across the market resulted in Bitcoin’s poorest Q1 performance since 2018, with an 11.8% drop in the first quarter of 2025. Bitcoin also experienced a 2.3% decline in March, the first time it has done so in five years.

Spot Bitcoin ETFs in the US saw a net outflow of $767.9 million in March. This was the second-largest selloff after February’s $3.56 billion outflow, according to data from SoSoValue.

Public Sentiment and Bitcoin

Bitcoin began the month with a 1.2% increase in 24 hours and is currently trading around the $83,000 mark, while the broader cryptocurrency market is experiencing bullish momentum.

Data from Santiment indicates that Bitcoin’s price has moved contrary to public sentiment over the past week. Positive community reactions on March 23 and 25 resulted in price corrections, while negative sentiment on March 29 led to short-term gains.

The leading asset ended the month with bullish reactions from the public, with calls for it to break the $100,000 price point. Santiment suggests that the buying opportunity lies where social signals “begin to show serious pain and fear”.

If history repeats itself, Bitcoin is likely to experience another correction before breaking the $100,000 barrier. According to an expert analysis on March 31, Bitcoin is set to witness a selloff as its Market Value to Realized Value (MVRV) ratio has formed a death cross.

The Bitcoin Macro Index also indicates that the asset might not be able to reach $110,000 as the indicator, which tracks technical and fundamental metrics, shows a bearish divergence.