BTC ETFs See $291M in Withdrawals While Bitcoin Surges Beyond $74K
Monday saw US spot Bitcoin ETFs experience $291 million in net withdrawals even as Bitcoin pushed past $74,000, representing the largest redemption day since March 27, with FBTC leading the exodus.
Exchange-traded funds tracking Bitcoin in the United States experienced a wave of withdrawals on Monday even as the cryptocurrency soared beyond the $74,000 threshold.
According to data from SoSoValue, spot Bitcoin (BTC) ETFs saw $291 million in net withdrawals on Monday, representing the highest single-day outflow figure observed since March 27.
Fidelity Wise Origin Bitcoin Fund (FBTC) drove the majority of Monday's redemptions, accounting for $229 million in outflows based on Farside data.
Monday witnessed Bitcoin climbing approximately 5% to touch four-week peak levels near $75,000, yet the outflows disrupted what had been an otherwise more stable period for US Bitcoin ETFs, with the selling pressure appearing concentrated in select funds rather than distributed broadly across all products.
This divergence may indicate cautious investor positioning, as broader market sentiment continues to skew negative, and certain market observers suggest BTC might decline to $50,000 prior to establishing any durable upward momentum.
BlackRock continues accumulation with four consecutive days of inflows
Even as aggregate ETF flows turned negative, certain products have managed to maintain positive momentum across recent trading sessions.
BlackRock saw approximately $35 million in fresh capital on Monday, pushing its consecutive inflow streak to four trading days, accumulating $482 million in total inflows during this period.
The Morgan Stanley Bitcoin Trust ETF (MSBT) similarly maintained a four-day streak of positive inflows. Following its April 8 debut, the product has attracted approximately $68 million in cumulative inflows.
Following these latest redemptions, spot Bitcoin ETFs have returned to negative territory on a year-to-date basis with approximately $160 million in net outflows.
Alternative cryptocurrency ETFs sustain momentum with small gains
Funds tracking alternative cryptocurrencies succeeded in maintaining positive flow territory, beginning the week with incremental inflows.
Spot Ether (ETH) ETFs attracted $9.4 million in new investment, continuing a three-day positive streak totaling roughly $160 million.
Funds tracking XRP (XRP) registered $1.5 million in new flows, whereas Solana (SOL) products saw zero inflows.
Tuesday brought the Crypto Fear & Greed Index climbing above 20 for the first occasion since March 19, pointing to marginal improvement in investor confidence alongside rising BTC valuations. Nevertheless, with a reading of 21, the benchmark continues to register within "extreme fear" range.
Market analysts at CryptoQuant note that despite emerging signs of healthier fundamental conditions, any sustained rally would probably require new capital flowing back into derivatives markets, with increasing open interest necessary to validate the longevity of the current trend.