- Outflows across Bitcoin exchange-traded products reached $829 million this week.
- Still, Bitcoin bounced back and is up for the first time in five days.
Investors have been dumping Bitcoin exchange-traded funds.
It’s been brutal.
On Monday, JPMorgan found that Fidelity and BlackRock led the Bitcoin ETF investor exodus, which totalled some $430 million. A day later, they dumped an additional $399 million, the bank said in a separate note.
The two-day outflow total has mounted to more than $829 million.
But there are signs of reprieve. Bitcoin snapped its five-day losing streak, gaining 0.5% over the past 24 hours to about $83,000.
JPMorgan said that’s a sign pessimism is easing.
The price sank to a 2025 low of about 77,000 on March 11 as worries spread about US President Donald Trump’s on-and-off tariffs and about the broader US economy.
Where the price goes from here is still up in the air. Some pundits see the price falling much further, to as low as $74,000.
Investor uncertainty has clobbered crypto — and the broader stock market. Fears of a US recession have also spurred selling.
It’s not just Bitcoin that is bouncing back. XRP saw a more than 3% gain over the last 24 hours to $2.26, while Solana gained to $127 over the same period.
Widespread sell-off
Every single Bitcoin ETF provider registered negative flows on Tuesday.
BlackRock ETFs hemorrhaged $151 million on Tuesday, after losing $90 million the day prior. Fidelity’s FBTC lost $107 million on Tuesday, after a $135 million outflow day on Monday.
Smaller players also saw outflows. Valkyrie BRRR investors sold $32 million, while Franklin Templeton saw an exodus of $34 million.
Positive news
But more bullish signals have been cropping up.
On Friday, Trump met with industry hotshots at the White House for the first-ever crypto summit.
Players like Michael Saylor and Ripple’s Brad Garlinghouse discussed adding digital currencies as key strategic reserve assets for the US.
Crypto market movers
- Bitcoin is up 0.5% over the past 24 hours to trade at $83,032.
- Ethereum is down 0.7% over the same period to about $1,895.
What we’re reading
- Is it time to panic…or double down? — Milk Road
- How I Almost Got Slaughtered in a Pig Butchering Crypto Scam ― Unchained
- Tether and Circle model will erode as PayPal, big banks pounce on $16tn stablecoin market ― DL News
- Coinbase stock = tradable onchain! — Milk Road
- Democrats slam stablecoin bill as giveaway to Musk, Big Tech, and ‘crypto bros’ ― DL News
Pedro Solimano is a markets correspondent based in Buenos Aires. Got a tip? Email him at psolimano@dlnews.com.