Spot Bitcoin exchange-traded funds (ETFs) experienced a significant shift, ending a four-week streak of inflows with net outflows totaling $296.18 million for the week concluding on Friday.
This downturn comes after an impressive influx exceeding $2.2 billion over the previous four weeks, which included substantial amounts of $787.31 million, $568.45 million, and $767.33 million in early March before tapering off to just $95.18 million last week, as reported by SoSoValue data.
The recent weekly outflow was driven by consecutive daily withdrawals on Thursday and Friday that exceeded $396 million combined; notably, Friday alone saw an outflow of $225.48 million—the largest single-day redemption since March 3 when they recorded outflows of $348 million.
Importantly, total net inflows into spot Bitcoin (BTC) ETFs have reached approximately $55.93 billion; however, total net assets have decreased to about $84.77 billion from over the previous week’s figure of more than $90 billion. Additionally, trading volumes have also diminished significantly this month—falling to around $14.26 billion from earlier highs of approximately $25.87 billion in March.
Related: Morgan Stanley proposes a 0.14% fee for its Bitcoin ETF—potentially the lowest in the market if approved
A Calm Macro Environment Hides Underlying Risks
A Bitunix analyst shared insights with Cointelegraph indicating that while there appears to be stability at first glance within the macroeconomic landscape, deeper imbalances persist due to unresolved geopolitical tensions and policymakers striving for superficial calmness.
Recent developments such as trade agreements between the US and EU alongside reduced tensions in the Middle East may have temporarily alleviated market pressures; however, fundamental risks linger beneath this facade.
The analyst noted that under these circumstances, Bitcoin is behaving less like a breakout asset and more like an indicator reflecting liquidity conditions instead.
Currently trading within a range between $65K and $72K shows signs of demand absorption but lacks momentum towards upward movement.
“Capital isn’t leaving the market entirely; yet it remains hesitant about taking directional risks,” stated the analyst who predicts price movements will likely remain erratic within established boundaries until macroeconomic factors align favorably for clearer trends to emerge.
Related: Morgan Stanley has submitted an amended S-1 filing concerning its MSBT Bitcoin ETF
Ethereum ETFs Continue Their Outflow Trend
In parallel developments regarding Ether (ETH), spot ETFs reported weekly outflows amounting to $206.58 million—a second consecutive week reflecting losses after experiencing modest inflows earlier this month.
The daily data indicates persistent withdrawals throughout each trading day since March 18th.
The most significant single-day withdrawal occurred on Thursday at $92.54 million followed closely by another $48.54million on Friday alone.
Magazine: Santiment founder suggests that Saylor’s liquidation could serve as ‘the biggest bull catalyst’ for Bitcoin