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The honeymoon between bitcoin ETFs and the dollar has just cooled down. Dollars are no longer knocking on the door with the same enthusiasm and the crypto market feels it. Nothing like a spectacular bloodbath, more like a thick, slow, annoying leak. Investors are now watching the flows like a badly closed wound, wondering if today’s rally is really still breathing under the current brutal macro pressure.
In short
- Bitcoin ETFs have seen $490 million in outflows over the past three consecutive days
- Assets under management are falling below $100 billion, a key psychological signal for crypto investors
- High inflation, expensive oil and rising bond yields weigh heavily on the macro economy
- XRP continues to attract crypto capital, while bitcoin and ethereum experience sustained significant outflows
Bitcoin ETF: $78,000 wall cools buyers
The first signal came from US spot bitcoin ETFs, which lost $490 million over three sessions. The outflow comes at the worst time: BTC fails to recapture $78,000 and buyers retreat. That exit doesn’t erase the whole story, as products still show $3.3 billion in net inflows since March.
But the blow stings, especially when net assets fall to 99.27 billion, below the symbolic threshold of 100 billion.
The April 29 session confirms the nausea: 137.8 million withdrawals, including 54.73 million for BlackRock IBIT. Fidelity FBTC loses 36.13 million, Ark and 21Shares ARKB loses 30.04 million. Despite everything, 2.04 billion are still exchanged in one day, which is proof that the crypto market is not really leaking. He hesitates, sniffs, then waits for a more solid signal.
This nuance is very important for cryptocurrency traders, because active bleeding has nothing to do with simply taking profits. Here the tickets go out but the screens stay on. Bitcoin is losing its temper, not yet its current immediate fragile bull story.
Crypto swallows oil, revenues and Big Tech along the way
The weakness of ETFs is not just the whim of the market. It’s rooted in a frankly harsh macro where oil, rates and technology are pushing Bitcoin. Since the Iran war, Brent has risen to $126, while the US five-year yield has reached 4.02%.
Two months earlier it was around 3.51%. This growth reflects a simple fear: inflation is coming back through energy and investors are demanding better lending of their money. US GDP rose 2% in the first quarter, below the 2.3% expected, adding an ironic flavor.
Even Big Tech coughs: Meta falls 9%, Microsoft loses 4%. In this atmosphere, the crypto market is shrinking. The strategy is helping again with 56,235 BTC bought in April and an average cost of $75,537. But if Saylor slows down, the endorsement could become a fragile crutch.
Crypto funds know this and nobody likes to be dependent on a single buyer. So attention returns through the main door, without any apparent unnecessary noise.
XRP draws flows while major ETFs bleed
The third movement is more subtle, almost sneakier. Money will not leave all cryptocurrencies, but will sort through the files with a cold knife. While bitcoin and ether ETFs are hemorrhaging, XRP is still attracting some well-placed tickers.
On April 29, Ether ETFs lost 87.73 million, with Fidelity FETH and BlackRock ETHA leading the way. Solana remains flat after the third session, with no entry or exit, like an unlit window.
XRP says otherwise: 3.59 million net entries, including 2.12 million for Bitwise and 1.47 million for Franklin XRPZ. It’s not a tidal wave, but it’s a clean signal. Cryptocurrency investors are not throwing the sector to the dogs. They shift their focus, more brutally, to products that are considered better armed.
Numbers that itch under the skin
- Bitcoin ETFs Lose 490 Million in Three Consecutive Sessions;
- Net assets fall to $99.27 billion;
- BTC price: $77,024 at time of writing;
- XRP ETF Raises $3.59M;
- Solana remains without flow for the third consecutive full session observed.
This ETF weakness also speaks to Bitcoin’s broader problem. Liquidity is desperately lacking and every withdrawal unnerves the market. When depth disappears, resistances become walls and corrections bite harder. The rally can survive, but it will have to find real fuel, not just shiny promises for jaded investors today.
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The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.