#BTC is tracing back. When will you buy the dip?

Spot Bitcoin ETF records highest daily net outflow
Market sentiment quickly turned bearish, as Bitcoin ETFs recorded their highest daily net outflows amid Bitcoin (BTC)'s decline to a lower spectrum in the $60,000 region.
According to data provided by Farside Investors, a UK-based investment management firm, the spot Bitcoin ETF product experienced a net outflow of $326.2 million on March 19, marking the second consecutive daily outflow.
The figure comes a week after ETFs hit record inflows exceeding $1 billion on March 12.
Recall that these investment products ended a 10-day continuous inflow on March 18, when they recorded capital outflows of $154.3 million. The current two consecutive days of declines reflect the bearish sentiment that exists amid Bitcoin's price decline.
Moreover, Bitcoin is constantly retracing the gains achieved during the recent market surge to $73,000. Following an all-time high of $73,750 on March 14, the cryptocurrency continues to decline, marking a drop of more than 11% as of last week. This downward trend exacerbates the decline in bullish pressure.
The latest ETF outflow of $326 million marked the largest daily net flow of a spot Bitcoin ETF, far surpassing the previous record of $158.4 million set on Jan. 24. Data shows that the Grayscale Bitcoin Trust (GBTC) championed most of these outflows, recording $443 million in outgoing capital.
Interestingly, the bearish results on March 19 were not due to increased outflows from these investment products, but rather to reduced inflows. The data shows that all products, except those from BlackRock, Fidelity Investments, and Bitwise, recorded net flows of $0.
This shows that although the ETF failed to get more BTC, investors did not withdraw their funds. BlackRock's IBIT, FBTC Fidelity Investments, and Bitwise's BITB recorded combined inflows of $117.3 million, but this figure was not enough to offset the $443 million outflows recorded only by the Grayscale ETF.