US spot Bitcoin ETFs record $490M outflow as BTC stalls

US-listed spot Bitcoin ETFs recorded $490 million in net outflows between Monday and Wednesday after Bitcoin failed to move back above $78,000. The three-day outflows reversed about two weeks of inflows. Since March, the funds have posted roughly $3.3 billion in net inflows.

Bitcoin is down about 14% year-to-date while the S&P 500 reached record highs over the same period. Quarterly results from major tech companies coincided with market volatility: Meta shares fell about 9% and Microsoft shares were down about 4% during the recent earnings releases.

Energy and fixed-income markets also shifted. Brent crude rose to about $126 a barrel. The five-year U.S. Treasury yield increased to roughly 4.02% from about 3.51% two months earlier. Consumer prices have risen over recent months, and nominal yields on government debt have moved higher.

The Commerce Department reported first-quarter gross domestic product grew at a 2.0% seasonally adjusted annual rate, below an approximate 2.3% forecast from economists.

Corporate accumulation of Bitcoin continued. Strategy, the company with ticker MSTR, disclosed purchases of 56,235 BTC in the first four weeks of April, bringing its average acquisition cost to about $75,537. Some traders have voiced concern that a slowdown in accumulation by large holders could increase selling pressure on Bitcoin in the short term.

Regulatory developments included a request from three U.S. senators for an inquiry into cryptocurrency-related profits tied to the family of former President Donald Trump.

The recent ETF outflows coincided with Bitcoin’s stalled attempt to regain $78,000 while longer-term flows since March indicate ongoing institutional purchases.