Keynote
The Spot BTC ETF saw a net spill of $767 million in March. Crowd excitement proved to push prices in the opposite direction.
Bitcoin
BTC
$75 125
24-hour volatility:
9.7%
Market Cap:
$1.49 t
Vol. 24H:
$49.51 b
And the broader crypto market has struggled to keep up with social sentiment for the past month. Meanwhile, the US BTC-based spot exchange trade fund (ETF) recorded its second largest cumulative monthly outflow in March.
The gradual decline in Bitcoin prices began on January 20th, shortly after the major digital currencies reached an all-time high of $109,114. BTC is down 23% from ATH.
As a result, overall bearish market sentiment led to Bitcoin’s worst first quarter performance since 2018, recording a 11.8% decline in the first quarter of 2025.
Bitcoin also discovered a negative performance in March for the first time in five years, falling 2.3% last month.
Additionally, US Spot BTC ETF recorded its second-largest sell after a $3.56 billion spill in February, with a net flow of $767.9 million in March.
Where does the crowd go?
Bitcoin started the month with a 1.2% increase in 24 hours. Digital Gold is currently trading the $83,000 mark as the broader crypto market sees bullish momentum.
However, according to Santiment data, Bitcoin prices responded to the opposite of crowd sentiment last week. Bullish responses from the community on March 23 and 25 led to price corrections, while bearish sentiment on March 29 brought short-lived benefits.
Bitcoin Bitcoin prices on Monday were encouraging and a bit excited for retailers, and began calling price levels at $100K+$BTC again. As the crowd began to tilt in one direction farther, as was the norm throughout 2025, the price was…pic.twitter.com/pno6ovgwys
– santiment (@santimentfeed) April 1, 2025
The major assets closed the month in a bullish response from the crowd, sought to break the $100,000 price range. Santimento says there are opportunities for purchases where social signals begin to “start to show serious pain and fear.”
As history repeats itself, Bitcoin could see yet another fix before breaking the $100,000 barrier.
According to an expert analysis on March 31, Bitcoin is poised to witness a sale as its market value has been realized value (MVRV) ratio has formed a cross of death.
The Bitcoin Macro Index also suggests that assets may not reach $110,000, as metrics tracking technical and basic metrics show a divergence of bearishness.
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WAHID has analyzed and reported the latest trends in the distributed ecosystem since 2019. He has over 4,000 articles in his name. His work has been featured in major outlets such as Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Apart from reporting, Wahid prefers to connect the dots between Defi and Macro with his on-chain monk in the newsletter.
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