Bitcoin ETFs Lose $151.8M in One Day Amid Market Drop

• Bitcoin ETFs lost a combined 1,939 BTC on April 7, totaling over $151 million in outflows. 
• Bitwise, Grayscale, and Ark Invest faced the most substantial Bitcoin withdrawals. 
• Invesco Galaxy Bitcoin ETF was the only fund to report net inflows amid the decline.

On April 7, spot Bitcoin exchange-traded funds recorded a significant net outflow of approximately $151.8 million. Data shared by analytics platform Lookonchain on the X social network highlighted that all but one of the ten active Bitcoin ETFs reported outflows. The total outflow represented 1,939 BTC being pulled from these investment products in a single day. 

The Bitwise Bitcoin ETF recorded the largest individual outflow of the day, with 751 BTC removed, valued at nearly $59 million. Despite the single-day decline, Bitwise continues to hold 37,921 BTC in its reserves, which are currently worth about $2.97 billion. 

Grayscale and Ark Also See Notable Withdrawals 

The Grayscale Bitcoin Trust experienced the second-largest daily outflow, losing 743 BTC. Meanwhile, Ark Invest’s ETF reported an outflow of 260 BTC. VanEck’s ETF followed with a daily decline of 148 BTC. Other ETFs, including BlackRock’s IBIT, saw more moderate activity, with 122 BTC withdrawn from IBIT. 

A few ETFs remained steady amid the day’s volatility. Fidelity, Valkyrie, and Franklin reported no BTC outflows. These funds managed to retain their holdings without any changes, even as broader market conditions turned negative. 

Invesco Galaxy Bitcoin ETF Stands Out 

The only ETF to report a net inflow was the Invesco Galaxy Bitcoin ETF. This fund saw 86 BTC added, making it the only product among the ten to receive new investments during the downturn. 

Bitcoin faced a severe price dip when massive electronic fund transfer withdrawals occurred as it dropped beneath the $80,000 zone. Bitcoin's bearish performance drove most alternative cryptocurrencies to decline within their market sectors.

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