Bitcoin ETF snapshot: Outflows strike last week as BTC price uptrend stalls

The US spot bitcoin fund category has notched negative net flows over the course of a week just three times since coming to market in January

article-image

Maquette.pro/Shutterstock modified by Blockworks

share

US spot bitcoin ETFs saw net outflows last week, an occurrence seen just twice before over such a span since such funds launched three months ago.

The 11-fund category bled $83 million in assets from April 8 to April 12, according to BitMEX Research data — down from net inflows of $485 million the week prior.

Spot bitcoin ETFs have collectively welcomed $12.5 billion in positive flows to their coffers since Jan. 11. 

The Grayscale Bitcoin Trust ETF (GBTC) has been the only US BTC fund to see consistent outflows, watching $767 million leave last week, the data shows

Asset-gathering leaders — BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) — were not able to fully offset the GBTC negative net flows, reeling in $487 million and $90 million, respectively. 

Read more: BlackRock bitcoin fund accounts for 20% of the firm’s Q1 ETF net inflows  

The bitcoin fund segment saw just two weeks of net outflows prior to last week — losing $417 million in assets from Jan. 22 to Jan. 26 and hemorrhaging $888 million from March 18 to March 22. 

Net inflows in one week peaked at $2.5 billion for the category from March 11 to March 15.

The latest outflows came during a week in which bitcoin’s price fell roughly 5% to $65,650 by Friday. It dipped below $62,000 on Saturday.

Net money coming out of the US spot bitcoin ETFs signals “increased profit-taking and investor caution” following the strong uptrend over the last two quarters, Fineqia research analyst Matteo Greco wrote in a Monday research note. 

Trading volumes into the funds were about average last week, Greco noted, standing at about $3.2 billion per day.

Read more: Why BTC’s record monthly growth streak could be in jeopardy

James Butterfill, head of research at CoinShares, added in a Monday report that investors are seemingly hesitant since the positive price momentum has stalled. 

Bitcoin’s price hit an all-time high above $73,500 on March 14 and was above $72,000 as recently as April 8. The asset’s price hovered around $66,200 at 7:30 am ET on Monday, down about 4.5% from a week ago.

“ETP [and] ETF activity dropped relative to the overall market, from 40% of total volumes on trusted exchanges over the last month to 31% last week, demonstrating this caution amongst investors,” Butterfill wrote.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

recent research

Research Report Templates.png

Research

An overview of the Base Ecosystem, with a focus on market leaders.

article-image

Although bitcoin hitting $120k by year’s end is looking unlikely

article-image

About 270 million HYPE has been claimed, valued around $7.6 billion

article-image

Stanford professors David Mazières and Dan Boneh will lead the lab alongside a cohort of graduate student researchers

article-image

With more companies holding BTC, bitcoin yielding strategies could become “a new corporate finance norm,” CoinShares posed

article-image

The proposal comes after Polygon governance considered a controversial use of bridged liquidity for yield

article-image

Can the community balance its decentralized ethos with the need for inclusivity and constructive debate?