Spot Bitcoin ETFs recorded their second-largest monthly outflow in March as the crypto community showed mixed reactions toward the market movements.
Bitcoin BTC $107 520 24h volatility: 2.9% Market cap: $2.14 T Vol. 24h: $45.84 B and the broader crypto market have struggled to keep up with social sentiment over the past month. Meanwhile, BTC-based spot exchange-traded funds (ETFs) in the US recorded their second-largest cumulative monthly outflow in March.
The gradual decline in Bitcoin’s price started on January 20, right after the leading digital currency reached an all-time high of $109,114. BTC is down 23% from its ATH.
Consequently, the bearish market-wide sentiment led to Bitcoin’s worst Q1 performance since 2018, registering an 11.8% decline in the first quarter of 2025.
Bitcoin also saw a negative March performance, declining 2.3% last month, for the first time in five years.
Moreover, spot BTC ETFs in the US saw a net outflow of $767.9 million in March, recording their second-largest selloff after February’s $3.56 billion outflow, according to data from SoSoValue.
Where’s the Crowd Going?
Bitcoin started the month with a 1.2% rise in 24 hours. The digital gold is currently trading around the $83,000 mark as the broader crypto market sees bullish momentum.
However, according to data from Santiment, Bitcoin price has reacted the opposite of the crowd’s sentiment over the last week. Bullish reactions from the community on March 23 and 25 have led to price corrections while the bearish sentiment on March 29 brought short-lived gains.
🥲 Bitcoin prices looked encouraging for retail traders on Monday before they got a bit overly excited and began FOMO’ing in & calling for $100K+ $BTC price levels once again. As has been the norm throughout 2025, when the crowd begins leaning too far in one direction, prices… pic.twitter.com/pNO6ovgWYs
— Santiment (@santimentfeed) April 1, 2025
The leading asset closed the month with bullish reactions from the crowd, calling for breaking the $100,000 price point. Santiment says the buying opportunity sits where the social signals “begin to show serious pain and fear”.
If history repeats, Bitcoin will likely see yet another correction before breaking the $100,000 barrier.
According to an expert analysis on March 31, Bitcoin is poised to witness a selloff as its Market Value to Realized Value (MVRV) ratio has formed a death cross.
The Bitcoin Macro Index also suggests that the asset might not be able to reach $110,000 as the indicator, tracking technical and fundamental metrics, shows a bearish divergence.
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