The Spot Bitcoin exchange-traded fund (ETF) recorded net outflows of $296.18 million for the week ending Friday, ending a four-week streak of inflows.
The reversal follows four consecutive weeks of total inflows of more than $2.2 billion, including $787.31 million, $568.45 million and $767.33 million in early March, before slowing to $95.18 million in the previous week, according to SoSoValue data.
Weekly outflows followed consecutive outflows on Thursday and Friday, totaling more than $396 million, including outflows of $225.48 million on Friday alone, making it the largest redemption day since March 3, when outflows of $348 million occurred.
Notably, cumulative net inflows into the Spot Bitcoin (BTC) ETF reached $55.93 billion, while total net assets decreased from over $90 billion the previous week to $84.77 billion. Trading activity also slowed, with weekly trading volume falling to $14.26 billion from $25.87 billion at the beginning of March.
Related: Morgan Stanley sets Bitcoin ETF fees at 0.14%, the lowest in the market if approved
Macro calm masks deeper risks
In a statement shared with Cointelegraph, Bitunics analysts said that while policymakers seek to maintain external calm, geopolitical risks remain unresolved and the current macro environment is defined by “surface stability and internal imbalances.” Developments such as the US-EU trade deal and delays in tensions in the Middle East have temporarily eased market stress, but potential risks remain.
In this environment, the analyst said, Bitcoin is behaving more like a liquidity situation than a breakout asset. The asset remains within the $65,000 to $72,000 range, with signs of demand absorption but limited upside activity.
“Capital is not exiting the market, but they are also not willing to take directional risks,” the analyst said, adding that price trends are likely to remain volatile within the established range until the macro environment moves towards a clearer trend.
Related: Morgan Stanley files amended S-1 for MSBT Bitcoin ETF
Ethereum ETF continues outflows
Meanwhile, the Spot Ether (ETH) ETF recorded weekly outflows of $206.58 million, marking its second consecutive week of losses and reversing the modest inflow streak seen in early March.
Daily data shows consistent outflows throughout the week. Since March 18, withdrawals have been made from the fund every business day. The biggest single-day outflow was Thursday at $92.54 million, followed by Friday at $48.54 million.
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