Spot Bitcoin exchange-traded funds (ETFs) have recently reported $296 million in net withdrawals for the week ending Friday, concluding a four-week period of inflows. This withdrawal comes as uncertainty in the macroeconomic landscape prevents investors from committing funds.
After a remarkable inflow of over $2.2 billion across the previous four weeks, the recent outflow reflects a growing caution among capital holders. Earlier inflows included $787.31 million, $568.45 million, and $767.33 million during the first days of March, which dwindled to $95.18 million in the preceding week, according to data from SoSoValue.
This recent outflow followed significant daily withdrawals on Thursday and Friday, exceeding $396 million. Notably, $225.48 million of this was withdrawn on Friday alone, marking the ETFs’ highest redemptions since March 3.
Cumulatively, net inflows into spot Bitcoin (BTC) ETFs remain at $55.93 billion, while total net assets have fallen to $84.77 billion from previous figures above $90 billion. Trading activity has also decreased, with weekly volumes declining to $14.26 billion.
Macro Calm Hides Deep Risks
According to an analyst from Bitunix, there is a facade of stability in the macro environment, coupled with underlying imbalances due to ongoing geopolitical tensions. While the recent US-EU trade agreement has somewhat alleviated market pressure, significant risks linger beneath the surface.
In these circumstances, Bitcoin’s performance appears more tied to liquidity conditions rather than emerging as a breakout asset. The currency is currently confined within a range of $65,000 and $72,000.
The analyst emphasizes that while capital isn’t exiting the market entirely, it also isn’t prepared to face significant directional risks. This trend indicates continued volatility within established price ranges until more favorable macro conditions arise.
Ethereum ETFs Also Experience Outflows
In related news, spot Ethereum (ETH) ETFs reported net outflows of $206.58 million for the week, representing a second consecutive week of losses, reversing earlier inflow trends seen in March. Daily data shows consistent outflows throughout the trading days, with the largest single-day withdrawal occurring on Thursday at $92.54 million and $48.54 million on Friday.
