Spot Bitcoin ETFs suffered a sweeping wave of redemptions on April 7, with total outflows hitting $103.9 million: a sharp jump from the $64.9 million recorded just days earlier. While neither crypto nor traditional markets can enjoy a risk-on mood right now, not a single fund reported inflows an indication of a wider risk off mood.

The dominant force in ETF movement continues to be GBTC with $74 million in outflows, according to Grayscale. Other issuers were not exempt either: Invesco’s BTCO suffered a $12.9 million loss, Ark’s ARKB had $4.7 million, and Valkyrie’s HODL and WisdomTree’s BTCW also lost approximately $6 million in redemptions each.

The other Bitcoin linked ETFs of BlackRock’s (IBIT), Fidelity’s (FBTC), Bitwise’s (BITB), Franklin Templeton’s (EZBC) and Grayscale’s (additional Bitcoin linked ETFS), all remained flat, meaning no inflow, no outflow.

Bitcoin Briefly Hits $80K Before Sharp Pullback

Macro-economic uncertainty is gripping global markets, and the latest ETF flow data shows a clear retreating investor. Bitcoin had a stunning swing on Monday when it briefly exchanged hands above the $80,000 mark after a false CNBC report that the Trump administration was considering a 90-day tariff pause on China.

Unconfirmed posts on social platform X were the source of the misinformation which brought on a flash rally before reality kicked in. Like all other cryptocurrency positions, bitcoin rashly retraced to around $77,000, earning over $1 billion of liquidations.

The market value of traditional markets spilled into turbulence and the SPDR S&P 500 ETF Trust (SPY) almost lost $10 in minutes, erasing $2 trillion.

Instinet sentiment is very clearly influenced by heightened volatility. For now, Bitcoin ETFs, a feather in the cap of the professional investor”s interest, have recorded outflows in every single trading session for the past week, aside from April 2, when a $218.7 million inflow at Bitwise, along with Fidelity and Ark, marked a signal of short lived bullishness.

Bitcoin ETF Outflows Hit $103.9M Amid Volatility
(Source: Farside)

Speculative misinformation may suppress ETF flows further in the days ahead, now that risk hoping is unlikely to move quickly, as market analysts caution. One ETF strategist added that “institutional money is watching risk signals closely and the lack of inflows suggest a defensive pivot.” And if volatility continues, even more aggressive positioning out of crypto-related products is a virtual certainty.