Spot Bitcoin exchange-traded funds (ETFs) ended a four-week streak of consecutive inflows, reporting $296.18 million in net outflows for the week ending Friday, April 4. This shift marks a notable change in investor sentiment following a period of sustained demand.
The reversal follows robust inflows that totaled more than $2.2 billion over the previous four weeks. Weekly inflows included $787.31 million, $568.45 million, and $767.33 million in early March, before decelerating to $95.18 million in the week prior, according to data aggregated by SoSoValue.
The weekly outflow was driven by back-to-back daily withdrawals on Thursday and Friday that exceeded $396 million combined. Friday alone saw $225.48 million exit the funds, representing the largest single-day redemption since March 3, when outflows reached $348 million.
Spot Bitcoin ETFs see weekly outflows. Source: SoSoValue
Despite the recent pullback, cumulative net inflows into spot Bitcoin ETFs remain substantial at $55.93 billion. Total net assets have declined to $84.77 billion from over $90 billion a week earlier, reflecting both price action and the recent outflows. Trading activity also moderated, with weekly volume falling to $14.26 billion from $25.87 billion during the peak inflow period in early March.
Macro calm masks deeper risks
Analysis from Bitunix suggests the current macro environment is characterized by “surface stability, internal imbalance.” Geopolitical tensions, while temporarily eased by developments such as a US–EU trade agreement and de-escalation in some Middle East conflicts, remain unresolved. This creates a backdrop where policymakers aim to maintain calm, but underlying risks persist.
In this setting, Bitcoin is behaving less like a breakout asset and more as a proxy for liquidity conditions. The cryptocurrency has traded in a range between $65,000 and $72,000, showing signs of demand absorption but lacking sustained momentum to break higher.
“Capital is not exiting the market, but neither is it willing to take directional risk,” the Bitunix analyst stated, adding that price action is likely to remain volatile within established ranges until macroeconomic conditions provide a clearer catalyst for a sustained trend.
Ethereum ETFs extend outflow streak
Spot Ether (ETH) ETFs also experienced pressure, recording $206.58 million in weekly outflows. This marks a second consecutive week of net withdrawals, reversing a brief inflow streak seen in mid-March.
Daily data reveals consistent outflows every trading day since March 18. The largest single-day withdrawal occurred on Thursday at $92.54 million, followed by $48.54 million on Friday.
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