Institutional interest in Bitcoin exchange-traded funds (ETFs) is declining, according to new data from on-chain analytics firm CryptoQuant. The company points to a significant drop in inflows for spot Bitcoin ETFs over the past week. While ETF assets under management remain substantial, CryptoQuant highlights a notable withdrawal of institutional investors contributing to this trend.
A recent infographic published by CryptoQuant visually demonstrates a sharp decline in Bitcoin ETF inflows.
Ki Young Ju, CEO and founder of CryptoQuant, elaborated on the data, stating that although overall assets under management for Bitcoin ETFs have declined substantially, it signals a major withdrawal from institutional investors. He clarified that the information provided by the infographic is based on weekday trading and may not be complete due to weekend delays in refreshing ETF data.
Specifically, the past week saw significant outflows totaling $713 million across various Bitcoin ETFs, with BlackRock’s IBIT fund experiencing the largest outflow of $343 million. Notably, this trend was observed during a period of market volatility, as Bitcoin’s price fluctuated from approximately $76,210 to over $84,760 before settling at its current level.
On Friday, the weekly outflows reached nearly $200 million. BlackRock’s IBIT fund saw minimal outflows of zero Bitcoin, while Fidelity, Invesco Galaxy, and Grayscale experienced significant withdrawals of 938 BTC, 578 BTC, and 419 BTC, respectively.
CryptoQuant further points to a decline in ETF inflows on Monday, April 7th, with $151.8 million flowing into Bitcoin ETFs.