Bitcoin Spot ETFs Record $349M Net Outflow on March 6 Amid Whale Selling

Bitcoin spot ETFs saw a combined net outflow of $349 million on March 6, with Fidelity's Wise Origin Bitcoin Fund accounting for $159 million in single-day withdrawals, Wu Blockchain data show. Ethereum spot ETFs posted total outflows of $82.85 million the same day, led by Fidelity's Ethereum Fund, while the Crypto Fear and Greed Index dropped six points to 12, entering extreme fear territory. On-chain analytics platform Santiment reported that whale wallets holding 10 to 10,000 BTC accumulated heavily between Feb. 23 and March 3, then sold roughly 66 percent of those holdings after Bitcoin briefly traded above $70,000, even as wallets with less than 0.01 BTC continued buying during the pullback. Analysts including MN Trading Capital founder Michaël van de Poppe and economist Timothy Peterson cited support in the mid-$60,000 range and long-term valuation models such as the Bitcoin Price-to-Metcalfe Value indicator, noting that short-term direction depends on whether Bitcoin can hold this level amid volatile ETF flows and mixed whale activity.