US-listed spot Bitcoin exchange-traded funds recorded their first net outflows in nine sessions as BTC fell below $77,000 on Monday.
According to SoSoValue data, Bitcoin ETFs saw $263 million in net outflows—marking the first reversal since mid-April.
The pullback follows a strong run that brought in $2.1 billion in inflows since April 13, during which BTC climbed roughly 10%, according to CoinGecko.
As Bitcoin rallied, the Crypto Fear & Greed Index briefly returned to “Neutral” on Monday—its first time at that level in three months—with a reading of 47. However, sentiment quickly shifted back to “Fear” on Tuesday as BTC failed to push beyond $80,000.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) led Monday’s outflows, shedding $150 million, according to Farside data. The Grayscale Bitcoin Trust (GBTC) and ARK 21Shares Bitcoin ETF (ARKB) followed, recording approximately $47 million and $43 million in outflows, respectively.
BlackRock’s iShares Bitcoin Trust (IBIT) and the Morgan Stanley Bitcoin Trust (MSBT) saw flat flows on Monday, pausing after several days of steady inflows.
Weak sentiment also carried over to spot Ether ETFs, which recorded $50.5 million in outflows, while XRP and Solana ETFs saw no inflows.
Institutional demand still dominant
Despite the short-term pullback, institutional demand has continued to outpace Bitcoin’s supply.
Michael Saylor’s Strategy has acquired 56,235 BTC so far in April, while global ETFs added another 34,552 BTC during the same period on behalf of investors.
By comparison, only about 11,829 BTC have been mined this month, according to HODL15Capital data—highlighting the ongoing supply-demand imbalance supporting Bitcoin’s broader trend.
CryptoQuant analyst XWIN Japan said Bitcoin’s recent sharp drop was likely not caused by a spot supply-demand imbalance, but rather a “classic liquidity event” driven by the forced liquidation of leveraged long positions.
In earlier analysis, CryptoQuant noted that a rejection at the $80,000 level could signal strong overhead supply, potentially leading to a deeper pullback for both ETF investors and short-term whale holders.
