Spot Bitcoin exchange-traded funds recorded a collective net outflow of $89.7 million on April 29, marking a significant shift in institutional sentiment. BlackRock's IBIT, the largest fund in the category, led the withdrawals with its first-ever single-day outflow of $112 million.
US-listed spot Bitcoin ETFs saw a combined $89.7 million net outflow on April 29, driven by the first-ever daily outflow from BlackRock’s IBIT fund. The withdrawal marks a potential shift in the previously bullish sentiment that has surrounded the new investment vehicles.
Data compiled from the funds’ daily flow reports shows BlackRock’s iShares Bitcoin Trust (IBIT) recorded a $112 million withdrawal, its first since launching in January 2026. The outflow from IBIT, which has been the largest accumulator of assets among the new Bitcoin ETFs, overshadowed smaller inflows into other products like Fidelity’s FBTC.
The total outflow figure across all US spot Bitcoin ETFs highlights a potential cooling of the strong institutional demand seen in the first quarter of the year. The move coincided with a 136% spike in cross-exchange trading volume, according to market data, suggesting heightened market activity and price discovery. The bearish sentiment was not confined to Bitcoin, as Ethereum-focused funds also experienced a net outflow of $21.8 million on the same day.
These outflows are being treated as a bearish signal by traders, raising concerns about the sustainability of institutional appetite for direct Bitcoin exposure through ETFs. Sustained withdrawals from major funds, particularly the market leader from BlackRock, could increase supply pressure on Bitcoin's price and potentially lead to greater volatility in the short term.
This article is for informational purposes only and does not constitute investment advice.
