After a fantastic run of ten straight days with money flowing into spot Bitcoin ETFs, March 28th brought a bit of a change. We saw a pause in the positive trend, with a total of $93.2 million flowing out. This marked the first day of net outflows since March 13th, ending a really strong period of investor interest that had brought in over $1 billion in total.

Interestingly, these outflows weren’t spread across the board. It was all happening in just one place: FBTC, Fidelity’s Bitcoin ETF. This fund alone experienced a considerable withdrawal of $93.2 million. Remarkably, every other ETF saw neither inflows nor outflows that day, suggesting this was more of an isolated event rather than a widespread shift in the market.

When we look at the rest of the major ETFs, like BlackRock’s IBIT, Bitwise’s BITB, ARK 21Shares’ ARKB, Grayscale’s GBTC, and others including BTCO, EZBC, and HODL, they all reported zero flows. It was as if everyone else was taking a breather. This lack of movement across most of the ETF providers could mean a few things – maybe it’s just the usual month-end portfolio adjustments, perhaps investors are waiting to see what upcoming economic data will bring, or it could simply be a pause after the sustained positive activity we’ve been seeing.

While a single day of outflows might not signal a complete change in direction just yet, the fact that FBTC, which is the second-largest spot Bitcoin ETF by the amount of assets it holds, was the only one to see significant withdrawals does raise some interesting questions. Is this just a specific shift within that particular fund, or could it be an early sign of institutional investors becoming a bit more cautious in their Bitcoin positions?