Written by: Blockchain Knight
Recently, Bitcoin has continued to fluctuate, with market volatility quickly spreading to the crypto ETF market. Bitcoin spot ETFs have experienced their first net outflow of funds in nearly a month.
Data shows that over the past week, the 12 Bitcoin spot ETFs collectively recorded a net outflow of $296.18 million. This marks the seventh week of net outflows since 2026 and the fifteenth week of net outflows since the bear market began in October 2025.
This round of net outflows was mainly concentrated last Thursday and Friday, with a cumulative outflow exceeding $396 million over the two days.
Prior to this, Bitcoin spot ETFs had achieved four consecutive weeks of net inflows, accumulating $22.1 billion in capital, which had briefly revived market enthusiasm.
Looking at the performance of individual funds, BlackRock's IBIT fund led in net redemptions, reaching $158.07 million; funds like Grayscale's GBTC and Bitwise's BITB saw slight net inflows, while some niche ETFs had minimal redemption amounts, exerting negligible impact on the overall market.
As of now, Bitcoin spot ETFs have accumulated a net inflow of $55.93 billion, with total net assets rising to $84.77 billion.
Notably, the U.S. banking giant Morgan Stanley has officially submitted an application for a Bitcoin spot ETF, with the ticker MSBT, proposing an industry-low fee of 0.14%. If approved, it would become the first Bitcoin spot ETF directly issued by a major U.S. bank, further promoting the integration of traditional finance and the crypto market.
Apart from Bitcoin ETFs, Ethereum spot ETFs have also shown weak performance, recording net outflows for two consecutive weeks. Last week's net outflow reached $206.58 million. Currently, Ethereum ETFs have accumulated a net inflow of $11.52 billion, with total net assets at $11.33 billion. The fund flows for ETFs of mainstream crypto varieties have collectively weakened.
On-chain data further releases clear signals of institutional risk aversion. CryptoQuant data shows that the Coinbase Premium index, which measures the Bitcoin price spread between Coinbase and Binance, has fallen to its lowest point since the crypto market crash in early February.
As Coinbase is a core trading platform for institutional investors, a negative turn in this index indicates that institutional funds are significantly selling off Bitcoin, with risk aversion sentiment continuously intensifying.
Macro factors such as geopolitical conflicts, rising oil prices, inflation, and bond yield fluctuations have become the main catalysts for institutions reducing their Bitcoin holdings.
Meanwhile, Bitcoin prices also face key technical pressure. The adjusted Bitcoin realized price is approximately $72,500. This indicator excludes dormant tokens older than seven years, better reflecting the cost baseline of the actual circulating supply in the market.
Currently, Bitcoin is trading around $66,600, consistently failing to stabilize above this cost line, with its trend gradually aligning with the characteristics of historical bear market cycles.
Even though Bitcoin briefly broke through $76,000 in mid-March, it subsequently fell back below the cost line, indicating significant short-term upward resistance.
Overall, the short-term crypto market is constrained by both the macro environment and institutional fund flows. Bitcoin still needs to break through the core cost price level to reverse its downtrend.
Of course, the continuous deployment of Bitcoin ETFs by traditional financial giants will also bring new structural changes to the industry's long-term development.
Currently, it appears that the Middle East situation will further impact the crypto market in the short term, also becoming a hidden intricacy within the changes in the global financial markets.
