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US-listed spot Bitcoin exchange-traded funds posted their first net outflows in nine sessions as BTC slipped below $77,000 on Monday, ending a nine-day inflow streak.
Bitcoin ETFs recorded $263 million in net outflows on Monday, the first outflows since mid-April, according to SoSoValue data. The move followed spot ETFs drawing $2.1 billion in inflows since April 13 as BTC rose about 10% over the period, according to CoinGecko.
Most of Monday’s losses came from Fidelity’s Fidelity Wise Origin Bitcoin Fund (FBTC), which saw $150 million in outflows, according to Farside. The Grayscale Bitcoin Trust ETF (GBTC) and the ARK 21Shares Bitcoin ETF (ARKB) followed with about $47 million and $43 million in outflows, respectively.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) and the Morgan Stanley Bitcoin Trust ETF (MSBT) recorded flat flows after multi-day inflow streaks.
Alongside Bitcoin’s run, the Crypto Fear and Greed Sentiment Index moved into Neutral territory for the first time in three months on Monday, scoring 47. However, the index flipped back to Fear on Tuesday after BTC failed to extend its rally above $80,000.
Negative sentiment also extended to spot Ether ETFs, which posted $50.5 million in outflows on Monday. XRP and Solana ETFs recorded zero inflows.
Bitcoin’s April rally was supported by institutional demand outpacing mining supply. Michael Saylor’s Strategy alone has purchased 56,235 BTC in April so far, while global ETFs added another 34,552 BTC on behalf of their clients over the same period.
That compares with only 11,829 BTC estimated to have been mined so far this month, according to HODL15Capital data.
CryptoQuant analyst XWIN Japan said Bitcoin’s sharp decline over the past few days was likely not driven by a spot supply-demand imbalance, but by a liquidity event triggered by forced liquidations of leveraged long positions.
In earlier analysis, CryptoQuant said that rejection of the $80,000 level would signal overhead supply at that level, potentially extending the drawdown for both ETF investors and short-term whales.
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