Bitcoin ETFs clock $291M outflows as BTC blasts past $74K
TL;DR
US-listed spot Bitcoin ETFs experienced $291 million in outflows on Monday, despite BTC rising above $74,000. The largest outflow came from the Fidelity Wise Origin Bitcoin Fund, totaling $229 million.
Key points
- US-listed spot Bitcoin ETFs had $291 million in outflows
- Fidelity Wise Origin Bitcoin Fund led with $229 million outflow
- Bitcoin rose about 5% to near $75,000 on the same day
US-listed spot Bitcoin exchange-traded funds (ETFs) clocked a day of outflows on Monday despite BTC surging above $74,000.
Spot Bitcoin (BTC) ETFs recorded $291 million outflows on Monday, the largest daily outflow since March 27, according to SoSoValue data.
The selling largely came from the Fidelity Wise Origin Bitcoin Fund (FBTC), which led the outflows at $229 million, according to Farside data.
As Bitcoin rose by about 5% on Monday to reach four-week highs near $75,000, the outflows interrupted what had otherwise been a firmer stretch for US Bitcoin ETFs, though the weakness was concentrated in a handful of funds rather than spread evenly across the group.
The divergence could point to cautious positioning, with overall market sentiment remaining negative, while some analysts say BTC could fall to $50,000 before any sustained upside.
BlackRock maintains gains in a four-day inflow streak
Despite net ETF outflows turning negative, some funds have continued to post gains over the past few trading sessions.
BlackRock recorded roughly $35 million in inflows on Monday, extending its inflow streak to four days, totaling $482 million in inflows.
Daily spot Bitcoin ETF flows (in millions of dollars) from April 6. Source: Farside
The Morgan Stanley Bitcoin Trust ETF (MSBT) was also among the ETFs smashing a four-day inflow streak. Since launching on April 8, the fund has seen around $68 million in inflows.
Related: Crypto ETPs see $1.1B inflows, strongest gains since January
With the new losses, spot Bitcoin ETFs are back underwater year-to-date with roughly $160 million in outflows.
Altcoin ETF hold ground with minor inflows
Altcoin funds managed to remain in positive inflow territory, starting the week with modest inflows.
Spot Ether (ETH) ETFs recorded $9.4 million in inflows, extending the gains to three consecutive days of gains at around $160 million.
Daily spot Ether ETF flows from April 6. Source: SoSoValue
XRP (XRP) funds posted $1.5 million of inflows, while Solana (SOL) recorded no inflows.
On Tuesday, the Crypto Fear & Greed Index rose above 20 for the first time since March 19, suggesting slightly improving investor sentiment amid surging BTC prices. Still, at a reading of 21, the index remains in “extreme fear” territory.
According to analysts at CryptoQuant, even as healthier underlying conditions emerge, sustained upside would likely require fresh capital returning to derivatives markets, with rising open interest needed to confirm the durability of the trend.
Q&A
What caused the $291 million outflows from Bitcoin ETFs?
The outflows were primarily driven by selling in the Fidelity Wise Origin Bitcoin Fund, which accounted for $229 million of the total.
How much did Bitcoin rise on the same day the ETFs saw outflows?
Bitcoin surged by about 5% on Monday, reaching four-week highs near $75,000.
What are analysts predicting for Bitcoin's price after the recent ETF outflows?
Some analysts suggest that Bitcoin could potentially fall to $50,000 before any sustained upward movement.
