Bitcoin ETF Outflows Surge as Market Sentiment Splits

by Ouess

After a strong Bitcoin spot ETF inflow of $767 million on April 2, the market took a sharp turn. Institutional investors withdrew $99.86 million from BTC spot ETFs, signaling renewed uncertainty.

Grayscale’s GBTC experienced the largest outflow, with $60.20 million exiting the fund. In contrast, BlackRock’s IBIT saw $65.25 million in net inflows, showing mixed sentiment. Currently, Bitcoin spot ETFs hold a total net asset value of $92.18 billion, down 5% in 24 hours.

Total Bitcoin Spot ETF Net Inflow. Source: SosoValue

Futures Traders Stay Bullish, but Options Signal Uncertainty

Despite institutional outflows, futures traders remain optimistic. Open interest has risen 2% to $52.63 billion, and funding rates stay positive at 0.0084%, suggesting continued confidence in Bitcoin’s price recovery.

BTC Futures Open Interest. Source: Coinglass

However, options traders are less convinced. The market has seen an increase in put options, signaling hedging against potential downside. According to Deribit, $2.17 billion in BTC options are set to expire today, with a put-to-call ratio of 1.24, indicating a bearish tilt.

Market Outlook: A Battle Between Bulls and Bears

The split between futures and options traders suggests a tug-of-war between bullish speculation and cautious hedging. If Bitcoin’s price continues to drop, long liquidations could intensify, leading to heightened volatility.

Expiring Bitcoin Options. Source: Deribit

Traders should watch key support levels and ETF flow trends to gauge the next move. With mixed sentiment across different markets, Bitcoin’s short-term direction remains uncertain.

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