Bitcoin exchange-traded funds (ETFs) suffered significant outflows on April 7th, with over $150 million leaving the market as the cryptocurrency’s price continued to drop. Data from @lookonchain shows that ten ETFs experienced net withdrawals, totaling a loss of nearly 1,939 Bitcoin. The largest losses were concentrated in the Bitwise ETF, which saw an outflow of 751 Bitcoin worth approximately $59 million. Despite this trend, the Invesco Galaxy Bitcoin ETF registered positive inflows, gaining 86 Bitcoin.
This massive drop comes amidst a broader crypto market downturn, with Bitcoin falling below $80,000. BlackRock’s IBIT ETF experienced notable outflows, losing 122 Bitcoin over the past week. Grayscale Bitcoin Trust also witnessed significant losses, totaling 743 Bitcoin.
The data paints a stark picture of the current market sentiment, reflecting widespread concerns about Bitcoin’s price stability in the face of ongoing volatility.