On Monday, when Bitcoin fell below $77,000, exchange-traded funds (ETFs) listed in the United States had their first net outflow in nine sessions.
The first net outflow of $263 million from Bitcoin ETFs since mid-April occurred on Monday, according to statistics from SoSoValue. Spot ETFs received $2.1 billion in inflows since April 13, when Bitcoin’s price increased by almost 10%, according to CoinGecko. The losses followed this success.
On Monday, the Crypto Fear & Greed Sentiment Index hit 47, marking its first “Neutral” reading in three months, coinciding with Bitcoin’s upswing. On Tuesday, however, the index reverted to “Fear” since Bitcoin’s rise failed to sustain beyond $80,000. According to Farside, the Fidelity Wise Origin Bitcoin Fund (FBTC) was the main culprit on Monday, losing $150 million.
Next came the ARK 21Shares Bitcoin ETF (ARKB) with $43 million and the Grayscale Bitcoin Trust ETF (GBTC) with $47 million. Following streaks of multi-day inflows, the iShares Bitcoin Trust ETF (IBIT) by BlackRock and the Bitcoin Trust ETF (MSBT) by Morgan Stanley both had flat flows. On Monday, $50.5 million left spot Ether ETFs, indicating that pessimism was spreading. XRP and Solana ETFs did not get any new investments.
The demand from institutions outstripped the supply from miners in April, leading to a surge in Bitcoin prices. In April, Michael Saylor’s Strategy bought 56,235 BTC on its own, while global ETFs bought an additional 34,552 BTC for their customers. This is in contrast to the 11,829 BTC that HODL15Capital estimates have been mined this month.
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