On March 7, Bitcoin exchange-traded funds (ETFs) saw significant outflows totaling $409 million, according to data from SoSoValue. 

The largest outflow came from the ARK 21Shares Bitcoin ETF, which recorded a $160 million withdrawal. BlackRock’s IBIT ETF also faced notable outflows, losing $39.85 million.

Ethereum ETFs, in contrast, experienced more moderate withdrawals, with outflows totaling $23 million on the same day. The selling pressure on the ETF market coincided with a decline in Bitcoin’s price, which dropped below $86,000 on the day of the White House cryptocurrency summit.

By March 8, the broader cryptocurrency market reflected the impact of these withdrawals, with the total market capitalization standing at $1.7 trillion, a 3.35% decline. 

However, trading volume surged to $49.35 billion in 24 hours, marking a 15.13% increase. The fully diluted valuation (FDV) of Bitcoin reached $1.8 trillion, with a volume-to-market cap ratio of 2.87%. The total and circulating Bitcoin supply remained at 19.83 million BTC, out of the maximum 21 million BTC that can ever exist.

Despite the executive order to build a strategic crypto reserve signed by the U.S. president, market sentiment remained depressed.

The White House hosted a cryptocurrency summit on Friday, bringing together key industry leaders to discuss the administration’s plan for a government-owned digital asset reserve.

Held in the State Dining Room, the event featured MicroStrategy CEO Michael Saylor, Coinbase cofounder Brian Armstrong, investors Cameron and Tyler Winklevoss, and Ripple CEO Brad Garlinghouse, among others.

Treasury Secretary Scott Bessent reiterated the U.S. commitment to the dollar as the global reserve currency, highlighting plans to integrate stablecoins into the financial system. The government’s crypto holdings may extend beyond Bitcoin to include assets like XRP.