Last week, Bitcoin spot ETFs saw a capital outflow of $713 million, more than triple the $172.69 million outflow the week before. In the derivatives market, the Bitcoin futures contracts’ profit index decreased at the beginning of the week, although the funding rate remains positive. Institutional investors withdrew part of their capital from Bitcoin ETFs between April 7 and 11 due to market instability, causing Bitcoin price to drop to $74,000 from $85,000. The largest capital outflow came from the IBIT BlackRock fund, losing $343 million, 48% of the total outflow. Following that, the Grayscale GBTC fund had an outflow of $161 million, bringing its net outflow to $22.78 billion. Meanwhile, the Grayscale Bitcoin Mini Trust fund was the only one to experience a net capital inflow of $2.39 million. In the derivatives market, the Bitcoin futures profit index is now around $55.73 billion, a 5% decrease from the previous day, although Bitcoin price has grown by 0.5%. Traders are seen closing their positions cautiously. Moreover, the increasing ratio of Put to Call options contracts indicates a bearish sentiment among traders. However, the positive funding rate suggests that the bullish position is still dominant. Visit the digital currency price page for real-time prices of all tokens and cryptocurrencies.
