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.
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.
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.
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.