Spot Bitcoin exchange-traded funds recorded $296.18 million in net outflows for the week ending Friday, breaking a four-week streak of positive inflows as macro uncertainty keeps institutional capital on the sidelines.
The reversal marks a significant shift in sentiment after spot Bitcoin ETFs attracted more than $2.2 billion across four consecutive weeks. The funds saw inflows of $787.31 million, $568.45 million and $767.33 million in early March before slowing to $95.18 million in the week prior to the outflows, according to data from SoSoValue.
The weekly outflow was driven by back-to-back daily withdrawals on Thursday and Friday totaling more than $396 million. Friday alone saw $225.48 million in outflows, marking the largest single-day redemption since March 3, when the funds posted $348 million in withdrawals.
Despite the recent outflows, cumulative net inflows into spot Bitcoin ETFs remain strong at $55.93 billion since their launch. However, total net assets have declined to $84.77 billion from over $90 billion a week earlier, reflecting both outflows and Bitcoin’s price movement.
Trading activity also cooled during the week, with volume falling to $14.26 billion from $25.87 billion earlier in March. The decline suggests reduced market participation as investors await clearer directional signals.
A Bitunix analyst told Cointelegraph that the current macro environment is characterized by “surface stability, internal imbalance.” While geopolitical risks remain unresolved, policymakers have managed to maintain outward calm through developments such as the US-EU trade agreement and delayed tensions in the Middle East.
In this environment, Bitcoin is behaving less like a breakout asset and more like a reflection of liquidity conditions, the analyst said. The cryptocurrency has remained range-bound between $65,000 and $72,000, showing signs of demand absorption but limited upside momentum.
“Capital is not exiting the market, but neither is it willing to take directional risk,” the analyst explained. Price action is likely to remain volatile within established ranges until macro conditions provide clearer signals for a sustained trend.
The cautious stance from institutional investors reflects broader uncertainty in traditional markets. Despite temporary relief from immediate geopolitical concerns, underlying risks continue to influence capital allocation decisions across asset classes.
Bitcoin’s correlation with broader risk assets has kept it tethered to macro sentiment rather than cryptocurrency-specific catalysts. Until liquidity conditions improve or regulatory clarity emerges, institutional flows may remain subdued.
Meanwhile, spot Ether ETFs extended their outflow streak with $206.58 million in weekly withdrawals, marking a second consecutive week of losses. The Ethereum-focused funds reversed the modest inflow streak they had enjoyed earlier in March.
Daily data shows spot Ether ETFs experienced consistent outflows throughout the week, with withdrawals recorded every trading day since March 18. Thursday saw the largest single-day outflow at $92.54 million, followed by $48.54 million on Friday.
The performance of Ether ETFs suggests that institutional hesitancy extends beyond Bitcoin to the broader cryptocurrency market. Ethereum’s underperformance relative to Bitcoin may also be contributing to weaker demand for Ether-focused investment products.
The simultaneous outflows from both Bitcoin and Ethereum ETFs indicate that macro factors, rather than asset-specific developments, are driving institutional behavior. Investors appear to be reducing exposure to directional risk across cryptocurrency markets while maintaining positions in less volatile assets.
Market observers will be watching whether the outflow trend continues or if renewed institutional interest emerges in the coming weeks. The direction of ETF flows often serves as a barometer for institutional sentiment toward cryptocurrencies.
With Bitcoin trading near the lower end of its recent range and macro uncertainty persisting, the next major catalyst for sustained inflows may depend on clarity around Federal Reserve policy, geopolitical developments, or significant regulatory progress in the cryptocurrency sector.
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How Liquidity Cycles Influence Crypto Prices
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