Written by: Blockchain Knight

Recently, Bitcoin has continued to fluctuate, and the rapid market volatility has transmitted to the crypto ETF market, with Bitcoin spot ETFs experiencing their first net outflow of funds in nearly a month.

Data shows that over the past week, 12 Bitcoin spot ETFs have combined for a net outflow of $296.18 million, marking the seventh week of net outflows since 2026 and the fifteenth week of net outflows since the bear market began in October 2025.

This round of net outflows was primarily concentrated on Thursday and Friday of last week, with total outflows exceeding $396 million over the two days.

Prior to this, Bitcoin spot ETFs had seen four consecutive weeks of net inflows, accumulating $2.21 billion, briefly boosting market interest.

In terms of individual fund performance, the BlackRock IBIT fund recorded the largest net redemption scale, reaching $158.07 million; Grayscale GBTC, Bitwise BITB, and others experienced slight net inflows, while some niche ETFs had very low redemption amounts, having minimal impact on the overall market.

Currently, Bitcoin spot ETFs have accumulated a net inflow of $55.93 billion, and the total net asset scale has risen to $84.77 billion.

It is noteworthy that Morgan Stanley, a giant in the American banking industry, has officially submitted an application for a Bitcoin spot ETF, code-named MSBT, proposing a fee rate of 0.14%, the lowest in the industry. If approved, it would become the first Bitcoin spot ETF directly issued by a major U.S. bank, further promoting the integration of traditional finance with the crypto market.

Besides Bitcoin ETFs, Ethereum spot ETFs have also shown weak trends, recording net outflows for two consecutive weeks, with a net outflow of $206.58 million last week. Currently, Ethereum ETFs have a cumulative net inflow of $11.52 billion, with total net assets of $11.33 billion, indicating a collective weakening of the ETF funds for mainstream crypto varieties.

On-chain data has further released clear signals of institutional hedging. CryptoQuant data shows that the Coinbase Premium Index, which measures the price difference between Coinbase and Binance Bitcoin, has fallen to its lowest point since the substantial drop in the crypto market in early February.

As Coinbase is a core trading platform for institutional investors, a negative shift in this index means that institutional funds are significantly selling off Bitcoin, with hedging sentiment continuing to intensify.

Macroeconomic factors such as geopolitical conflicts, rising oil prices, inflation, and fluctuations in bond yields have become the main incentives for institutions to reduce their Bitcoin positions.

At the same time, Bitcoin's price is also facing critical technical pressure. The adjusted Bitcoin price has reached about $72,500, and this indicator excludes tokens dormant for more than seven years, better reflecting the cost baseline of market circulating chips.

Bitcoin is currently trading around $66,600, consistently failing to stabilize above this cost line, with trends gradually aligning with historical bear market cycle characteristics.

Even though Bitcoin briefly broke through $76,000 in mid-March, it has subsequently fallen below the cost line, with significant upward resistance in the short term.

Overall, the short-term crypto market is restrained by both the macro environment and the direction of institutional fund flows, requiring Bitcoin to break through core cost price points to reverse the downward trend.

Of course, traditional financial giants' continued investment in Bitcoin ETFs will also bring about new structural changes for the long-term development of the industry.

It appears that in the short term, the situation in the Middle East will further impact the crypto market and also unveil hidden intricacies in the changes of the global financial market.

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