{"id":94912,"date":"2026-03-04T14:57:48","date_gmt":"2026-03-04T11:57:48","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=94912"},"modified":"2026-03-04T15:02:24","modified_gmt":"2026-03-04T12:02:24","slug":"bitcoin-breaches-71000-as-spot-etf-investors-nurse-losses","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-breaches-71000-as-spot-etf-investors-nurse-losses\/","title":{"rendered":"Bitcoin breaches $71,000 as spot ETF investors nurse losses"},"content":{"rendered":"<p>On March 4 the price of the leading cryptocurrency rose above $71,800. The broader digital-asset market followed, including Ethereum, which held above $2,050.<\/p>\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"661\" data-id=\"276178\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-6050752f2a52dad0-7841497418736796-1024x661.png\" alt=\"BTCUSDT_2026-03-04_14-30-27\" class=\"wp-image-276178\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-6050752f2a52dad0-7841497418736796-1024x661.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-6050752f2a52dad0-7841497418736796-300x194.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-6050752f2a52dad0-7841497418736796-768x496.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-6050752f2a52dad0-7841497418736796.png 1429w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">15-minute chart of BTC\/USDT on Binance. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3ABTCUSDT\">TradingView<\/a>.<\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"662\" data-id=\"276177\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-5cd355bea8013f9d-7841497212861222-1024x662.png\" alt=\"ETHUSDT_2026-03-04_14-33-23\" class=\"wp-image-276177\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-5cd355bea8013f9d-7841497212861222-1024x662.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-5cd355bea8013f9d-7841497212861222-300x194.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-5cd355bea8013f9d-7841497212861222-768x496.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-5cd355bea8013f9d-7841497212861222.png 1428w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">15-minute chart of ETH\/USDT on Binance. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<\/figure>\n<p>The rally was underpinned by strong demand for US spot bitcoin <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETF<\/a>s. Over the past five days, these vehicles recorded $1.4bn of inflows.<\/p>\n<h2 class=\"wp-block-heading\">The pitfalls of ETFs<\/h2>\n<p>Bitfinex analysts told <a href=\"https:\/\/www.coindesk.com\/markets\/2026\/03\/04\/over-a-billion-flows-into-bitcoin-etfs-yet-the-price-isn-t-rising-an-analyst-explains-why\">CoinDesk<\/a> that the earlier stagnation in bitcoin reflected the mechanics of exchange-traded funds. They said the market\u2019s reaction is also being muted amid <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-holds-steady-despite-asian-market-decline-and-rising-oil-prices\">rising oil prices<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/analyst-predicts-bitcoin-surge-amid-flight-to-safety\">geopolitical tensions<\/a>.<\/p>\n<p>New ETF shares are created by authorised participants\u2014big banks and <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-market-maker\">market makers<\/a>. As demand rises they often sell investors shares they do not yet hold. Regulators allow such trades: participants may buy the underlying bitcoin to back the sold shares with a delay of several hours to a day.<\/p>\n<p>As a result, inflows into funds show up instantly, while actual spot purchases are deferred. When market makers finally buy the \u201cdigital gold\u201d, their trades are often offset by selling pressure. That keeps the price in a narrow range.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe funds\u2019 capitalisation is growing, but the price of bitcoin is standing still because there are no instantaneous spot trades. Because of this, the rate may appear artificially suppressed,\u201d the experts said.<\/em><\/p>\n<\/blockquote>\n<p>Bitfinex analysts added that in normal conditions such delays have little impact. But during periods of high volatility, the lag between ETF demand and real purchases can markedly distort the price of the leading cryptocurrency.<\/p>\n<h2 class=\"wp-block-heading\">The biggest ETF drawdown<\/h2>\n<p>An analyst using the pseudonym Darkfost pointed to a record dollar drawdown facing investors in spot bitcoin ETFs.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc9 Bitcoin ETFs experienced largest Drawdown since launch<\/p>\n<p>Holders of spot Bitcoin ETFs, which reflect the demand from their investors, are currently under pressure compared with the average realized price, estimated at around $79,000.<\/p>\n<p>\ud83d\udca1 This metric should be considered as an\u2026 <a href=\"https:\/\/t.co\/oWA0QHyDes\">pic.twitter.com\/oWA0QHyDes<\/a><\/p>\n<p>\u2014 Darkfost (@Darkfost_Coc) <a href=\"https:\/\/twitter.com\/Darkfost_Coc\/status\/2029071735413207110?ref_src=twsrc%5Etfw\">March 4, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>By his calculations, the average entry price for buyers of these funds is about $79,000. While the leading cryptocurrency trades below $70,000, investors are taking losses. He clarified that the metric is a guide, but it adequately reflects the market\u2019s average purchase cost.<\/p>\n<p>During the correction, outflows from the funds exceeded $8.9bn. The main hit fell on BlackRock\u2019s IBIT. From its peak of 806,000 BTC, the fund shed more than 42,000 BTC, putting visible pressure on the asset\u2019s price.<\/p>\n<p>Darkfost noted that the situation is gradually stabilising. The total drawdown from all-time highs has narrowed to $7.8bn.<\/p>\n<h2 class=\"wp-block-heading\">The broader picture<\/h2>\n<p>On March 3, net inflows into US spot bitcoin ETFs amounted to $225.15m.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"260\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-a0807b560e338259-7841581081348562-1024x260.png\" alt=\"\u0421\u043d\u0438\u043c\u043e\u043a \u044d\u043a\u0440\u0430\u043d\u0430 2026-03-04 131913\" class=\"wp-image-276179\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-a0807b560e338259-7841581081348562-1024x260.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-a0807b560e338259-7841581081348562-300x76.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-a0807b560e338259-7841581081348562-768x195.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-a0807b560e338259-7841581081348562-1536x390.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-a0807b560e338259-7841581081348562.png 1803w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-btc-spot\">SoSoValue<\/a>.<\/figcaption><\/figure>\n<p>Positive momentum has persisted for a second week. Combined inflows on March 2 and 3 reached $683.3m. Strong readings last week <a href=\"https:\/\/forklog.com\/en\/news\/crypto-funds-attract-1-billion-after-prolonged-outflows\">ended<\/a> a prolonged period of outflows totalling almost $4bn.<\/p>\n<p>Altcoin-based funds were mixed. Spot Ethereum ETFs lost $10.75m of capital.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"257\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-a60b4aaf78eaad78-7841602807730443-1024x257.png\" alt=\"\u0421\u043d\u0438\u043c\u043e\u043a \u044d\u043a\u0440\u0430\u043d\u0430 2026-03-04 132203\" class=\"wp-image-276180\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-a60b4aaf78eaad78-7841602807730443-1024x257.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-a60b4aaf78eaad78-7841602807730443-300x75.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-a60b4aaf78eaad78-7841602807730443-768x193.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-a60b4aaf78eaad78-7841602807730443-1536x386.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-a60b4aaf78eaad78-7841602807730443.png 1796w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-eth-spot\">SoSoValue<\/a>.<\/figcaption><\/figure>\n<p>Products based on <a href=\"https:\/\/forklog.com\/en\/news\/what-are-ripple-and-the-cryptocurrency-xrp\">XRP<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/what-is-solana-sol\">Solana<\/a>, by contrast, attracted <a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-xrp-spot\">$7.53m<\/a> and <a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-sol-spot\">$1.03m<\/a>, respectively.<\/p>\n<p>Overall market sentiment remains pessimistic despite a 9.5% rise in bitcoin over the past week. The <a href=\"https:\/\/forklog.com\/en\/news\/what-is-cryptos-fear-and-greed-index\">Fear and Greed Index<\/a> has fallen to 10.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-525a015bbc9188dc-7841631138579685.webp\" alt=\"\u0421\u043d\u0438\u043c\u043e\u043a \u044d\u043a\u0440\u0430\u043d\u0430 2026-03-04 132617\" class=\"wp-image-276181\"\/><figcaption class=\"wp-element-caption\">Crypto Fear and Greed Index. Source: <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">Alternative<\/a>.<\/figcaption><\/figure>\n<p>Billionaire Ray Dalio once again criticised bitcoin on the All-In podcast. He pointed to a lack of privacy, potential quantum-computing risks and the market\u2019s small size relative to gold.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Ray Dalio just warned against Bitcoin:<\/p>\n<p>\u201cNo privacy.\u201d<br \/>\u201cCentral banks won\u2019t buy it.\u201d<br \/>\u201cQuantum risks.\u201d<br \/>\u201cSmall, controlled market.\u201d<\/p>\n<p>Funny.<\/p>\n<p>Those same critiques were made at $100. <a href=\"https:\/\/t.co\/hDCltK9rwH\">pic.twitter.com\/hDCltK9rwH<\/a><\/p>\n<p>\u2014 Simply Bitcoin (@SimplyBitcoin) <a href=\"https:\/\/twitter.com\/SimplyBitcoin\/status\/2028862119773626576?ref_src=twsrc%5Etfw\">March 3, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bitwise CIO Matt Hougan <a href=\"https:\/\/x.com\/Matt_Hougan\/status\/2028874269455945818\">called<\/a> Dalio\u2019s arguments a long-term opportunity.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cFor precisely these reasons, the size of bitcoin is only 4% of gold. If these problems did not exist, the coin\u2019s price would already be about $750,000. I invest in the first cryptocurrency in part because I am sure that over time the situation will change,\u201d Hougan wrote.<\/em><\/p>\n<\/blockquote>\n<p>On March 3, Wintermute experts <a href=\"https:\/\/forklog.com\/en\/news\/us-spot-bitcoin-etfs-attract-458m-in-a-day\">said<\/a> that the crypto market remains fragile because of rising energy prices and structural shifts in the global economy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On March 4 bitcoin climbed above $71,800. The market followed, with Ethereum holding above $2,050.<\/p>\n","protected":false},"author":1,"featured_media":94913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Bitcoin tops $71,800 as Ethereum holds above $2,050 amid renewed demand for US spot ETFs.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,95,569,1145,1138],"class_list":["post-94912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-bitfinex","tag-etf","tag-market-analysis","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"119","promo_type":"1","layout_type":"1","short_excerpt":"Bitcoin tops $71,800 as Ethereum holds above $2,050 amid renewed demand for US spot ETFs.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=94912"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94912\/revisions"}],"predecessor-version":[{"id":94914,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94912\/revisions\/94914"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/94913"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=94912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=94912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=94912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}