The Spot Bitcoin ETF has lost $742 million in the past three days.
Digital assets have rebounded strongly from a week of decline, with more than half of the top 100 cryptocurrencies posting double-digit gains in the past 24 hours.
According to CoinGecko, Bitcoin (BTC) last traded at $67,200, a 10% recovery from yesterday's low of $60,950.
Despite the market recovery, Spot Bitcoin ETFs continued to see outflows on March 20, with $385.6 million outflows from the Grayscale Bitcoin Trust and the overall sector total, according to Soso Value. This is causing an outflow of $261.6 million per day. The Invesco Galaxy Bitcoin ETF also caused outflows of $10.2 million.
This action marks the second-longest streak of outflows from the Bitcoin Spot ETF, with total outflows from the fund totaling $326.2 million as of March 19th. The only fund to record outflows was Grayscale, where investors withdrew $642.5 million from the ETF.
Ethereum rose 14% to regain the $3,500 level, rebounding from intraday lows around $3,070.
Despite market volatility, competition for Ethereum block space is subsiding. Over the past few days, the basic transaction fees have consumed him $10,875 ETH. This means that 90,214 ETH has been removed from the supply and the burn rate has dropped to almost half of its average over the past 30 days.
Solana (SOL) rebounded 16% from yesterday’s local lows to become the best-performing top 10 cryptocurrency. SOL’s last traded price was $190.7, up from $164.3.
SOL is the only cryptocurrency among the top 12 with seven consecutive days of gains, with the asset currently up 14% for the week.
Memecoin was ranked among the top 100 best-performing digital assets. In the past 24 hours, Floki (FLOKI), Pepe (PEPE), Dogecoin (DOGE), and DogWifHat (WIF) rose 40.8%, 21.7%, and 19.7%, respectively, to rank 1st, 4th, and 12th. The total market capitalization of meme tokens increased by 15% in 24 hours to reach $54.9 billion.
The GameFi token also saw impressive gains over the past day, reaching a total market cap of $28.4 billion after recovering 14% each day.
