$872 Million Net Withdrawal Bitcoin ETF: Interested in a Decline or Just a Lull?

In the period from April 3 to 10, spot Bitcoin ETFs recorded total net withdrawals amounting to $872 million, leading many traders to wonder if the overall interest in Bitcoin is waning. Strong selling pressure began on April 3, amid rising global trade tensions and concerns about the risk of a recession. It's worth noting that on April 11 and 14, the net outflow of the spot Bitcoin ETF was less than $2 million per day.

! Aggregate net cash flows of spot Bitcoin ETFs, USD. Source: CoinGlass Bitcoin price has remained stable around $83,000 throughout the past five weeks, reflecting the cautious sentiment of both buyers and sellers. The positive side is that this stability could indicate that Bitcoin is slowly becoming a more mature asset class. For instance, while many stocks in the S&P 500 index are down more than 40 percent from their peaks, Bitcoin's deepest decline in 2025 is just 32 percent — a much healthier ratio.

However, Bitcoin's price movement disappointed those who hoped for the "digital gold" story. While gold has risen as much as 23% since the beginning of the year and set a new historical high at $3,245 on April 11, Bitcoin is still stagnant. Although Bitcoin has outperformed the S&P 500 index by about 4% over the past 30 days, some investors are starting to worry that the asset's appeal is fading as it no longer correlates with other asset classes and cannot yet serve as a reliable store of value.

The trading volume of Bitcoin ETFs still exceeds 2 billion USD daily

However, when comparing the spot Bitcoin ETF market with gold, it can be seen that Bitcoin still holds many advantages. On April 14, the total trading volume of spot Bitcoin ETFs reached $2.24 billion — only 18% lower than the 30-day average of $2.75 billion. Therefore, it would be one-sided to suggest that investors are completely turning their backs on these products.

! Bitcoin ETF Trading Volume Daily, USD. Source: CoinGlass Although it is lower than the $54 billion per day trading of the S&P P&P 500 ETF (SPY), the Bitcoin ETF is not far behind the gold ETF (5.3 billion per ngày) and even surpasses the US Treasury bond ETF 0192837466565748392012.1 billion per ngày(. This is all the more remarkable considering that spot Bitcoin ETFs in the U.S. are only launching from January 2024, while gold ETFs have more than 20 years of operation and are managing $137 billion in assets.

Even when you include the Grayscale GBTC Trust — which saw more than 200,000 shares traded every day before converting into ETFs — Bitcoin investment products are still very young, less than 8 years old. Currently, the total assets under management by spot Bitcoin ETFs have reached $94.6 billion — surpassing the market capitalization of many major corporations such as British American Tobacco, UBS, ICE, BNP Paribas, Cigna, Sumitomo Mitsui and many others.

Bitcoin ETFs are gradually securing a solid position in institutional investment portfolios

The growing presence of Bitcoin ETFs is evident through the list of the largest holding organizations: from hedge funds like Brevan Howard, D.E. Shaw, Apollo Management to national investment organizations such as Mubadala Investment and the Wisconsin state pension fund. From pension funds to the world’s top asset managers, Bitcoin ETFs are being viewed as an alternative to traditional assets – despite short-term price volatility.

! [])https://img.gateio.im/social/moments-06fa98150596a7c3fb5ad09f9c599b11(Tradable asset rating by market capitalization, USD: Source: 8marketcapAs the market grows more with the emergence of derivative products such as futures and options, Bitcoin will likely be included in global financial indices, whether in the commodity or currency group. This can boost capital inflows from passive investment funds, while enhancing price potential and trading volume. Therefore, the current net cash flow is unclear should not be seen as a negative signal for Bitcoin's future.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct thorough research before making any decisions. We are not responsible for your investment decisions.

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Thach Sanh

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