Crypto Markets Rally Back Despite Sustained Spot Bitcoin ETF Outflows

Digital assets bounced back with strength following a week of downward momentum, with more than half of the top 100 cryptocurrencies posting double-digit gains over the past 24 hours.

Bitcoin (BTC) last changed hands for $67,200, marking a 10% recovery from yesterday’s low of $60,950, according to CoinGecko.

Spot Bitcoin ETFs continue to suffer outflows on March 20 despite the market recovery, with $385.6 million exiting the Grayscale Bitcoin Trust driving a daily outflow of $261.6 million for the sector overall, according to Soso Value. The Invesco Galaxy Bitcoin ETF also hosted an outflow of $10.2 million.

The action marks the second longest streak of consecutive outflows from spot Bitcoin ETF at three, with a record $326.2 million leaving the funds in aggregate on March 19. Grayscale was the sole fund posting an outflow, with investors withdrawing $642.5 million from the ETF.

Ethereum rallied by 14% to reclaim the $3,500 level, rebounding from an interday low of roughly $3,070.

Competition for Ethereum block space is calming down despite the market volatility. Base transaction fees burned $10,875 ETH over the past days, meaning the burn-rate has dropped to almost half of its average for the past 30 days with 90,214 ETH removed from supply.

Solana (SOL) was the best-performing top 10 cryptocurrency after bouncing 16% from yesterday’s local low. SOL last traded for $190.7, up from $164.3.

SOL is the only cryptocurrency among the top 12 to hold a seven-day gain, with the asset currently up 14% on the week.

Memecoins ranked among the strongest-performing top 100 digital assets. Floki (FLOKI), Pepe (PEPE), Dogecoin (DOGE), and DogWifHat (WIF) came in first, fourth, and 12th over the past 24 hours with gains of 40.8%, 21.7%, and 19.7% respectively. The combined capitalization of meme tokens sits at $54.9 billion after growing 15% in 24 hours.

GameFi tokens also mounted an impressive bounce over the past day, sitting at a combined market cap of $28.4 billion after a daily recovery of 14%.