After an impressive series of nine consecutive sessions in the green, US spot Bitcoin ETFs abruptly reversed the trend on Monday. Capital outflows reached $263 million in a single day. Bitcoin, unable to cross the symbolic milestone of $80,000, fell below $77,000. Is the bullish momentum really broken?
In brief
- US spot Bitcoin ETFs see $263 million in net outflows in a single day.
- Fidelity (FBTC) alone concentrates $150 million in withdrawals.
- Bitcoin falls below $77,000 after failing to hit $80,000.
Streak Ends, $263 Million Leaves Bitcoin ETFs in One Day
For nine consecutive days, US-listed spot Bitcoin ETFs had attracted a steady flow of capital. In total, $2.1 billion had flowed into these products since April 13, according to data from SoSoValue. Over the same period, bitcoin rose around 10%, bringing institutional appetite to its highest in weeks.
On Monday, everything came to a screeching halt. Bitcoin ETFs suffered $263 million in net outflowstheir first since mid-April. The Fidelity Wise Origin Bitcoin Fund ETF (FBTC) is focusing most of the pain, with $150 million in withdrawals.
The Grayscale Bitcoin Trust (GBTC) and the ARK 21Shares Bitcoin ETF (ARKB) follow, with $47 million and $43 million in outflows, respectively. Note: BlackRock (IBIT) and Morgan Stanley (MSBT) ETFs posted stable flows, confirming their status as vehicles favored by large institutions.
This difficult day also affected the spot Ether ETFs, which lost $50.5 million. The XRP and Solana products did not attract any inflows.
A rejection at $80,000 which raises questions, but don’t panic
Behind these numbers lies an important technical signal. Bitcoin failed to cross the $80,000 threshold in its last attempt. For CryptoQuant, this rejection is not trivial: it would indicate an oversupply at this level, likely to prolong the correction for ETF investors and short-term holders.
However, CryptoQuant analyst XWIN Japan tempers the concern. According to him, the recent decline is not linked to a fundamental imbalance between supply and demand. It would rather be explained by a “classic liquidity event”, forced liquidations of long leveraged positions. In other words, the market is purging, not necessarily collapsing.
The fear and greed index illustrates this ambivalence well. On Monday, it briefly reached 47, returning to the “neutral” zone for the first time in three months. By Tuesday, he relapsed into “fear” territory.
Fundamentally, the institutional dynamic remains solid. In April, Michael Saylor's strategy alone absorbed 56,235 BTC. Global ETFs added another 34,552 BTC. Faced with this, miners only produced around 11,829 BTC over the same period. Demand crushes supply, and no liquidation can erase that.
A break, not a break. Institutional fundamentals remain in favor of bitcoin. But as long as the $80,000 threshold holds, volatility should remain there. The FOMC's decision this week could well play out the referees.
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