Spot Bitcoin ETF outflows hit a massive $291 million on Monday, according to SoSoValue data. That’s the largest daily redemption since March 27. The timing is bizarre: BTC surged roughly 5% to four‑week highs near $75,000 on the same day.

So, who’s selling? The Fidelity Wise Origin Bitcoin Fund (FBTC) led the charge with a staggering $229 million in outflows. That’s over three‑quarters of the total. Other funds saw minor redemptions, but the weakness was concentrated, not widespread.

Spot Bitcoin ETF Outflows: A Divergence Story

Here’s where it gets interesting. While net flows turned negative, some funds actually kept printing green days. BlackRock’s IBIT extended its inflow streak to four days, pulling in another $35 million on Monday. That brings its four‑day total to $482 million. Meanwhile, the brand‑new Morgan Stanley Bitcoin Trust (MSBT) also posted a four‑day inflow streak, gathering roughly $68 million since its April 8 launch.

So, what’s the takeaway? Institutional behavior is splitting. Some are taking profits or de‑risking (Fidelity), while others (BlackRock, Morgan Stanley) are still accumulating.

The Bigger Picture: Year‑to‑Date Now Negative

With Monday’s outflows, spot Bitcoin ETFs are now back underwater for 2026. Year‑to‑date net outflows stand at roughly $160 million. That’s a sharp reversal from just weeks ago.

Altcoin ETFs fared slightly better. Ether ETFs saw $9.4 million in inflows – their third consecutive day of gains, totaling around $160 million. XRP funds added $1.5 million. Solana ETFs saw zero flows.

Sentiment Remains Fragile

The Crypto Fear & Greed Index rose above 20 for the first time since March 19, now sitting at 21. That’s still “extreme fear” territory. CryptoQuant analysts warn that sustained upside needs fresh capital returning to derivatives markets, with rising open interest to confirm the trend.

My Thoughts

This is a head‑scratcher. You’d expect ETFs to see inflows when Bitcoin rips 5% in a day. Instead, we saw the largest outflow in weeks. My read: Fidelity’s clients are taking profits or rotating out after the Iran‑deal rally. But BlackRock and Morgan Stanley are still buying – that’s a bullish divergence. The fact that MSBT is seeing strong inflows just days after launch suggests fresh demand from Morgan Stanley’s wealthy client base. Still, the year‑to‑date negative flows are concerning. If outflows continue while price climbs, the rally could be running on fumes (short squeezes, not real demand). Watch open interest and ETF flow data closely. A return to positive YTD inflows would be a major confidence boost.