Source: Cointelegraph Original: "{title}"
Between April 3 and April 10, the spot Bitcoin ETF experienced a net outflow of $872 million, raising concerns among traders about whether the overall market enthusiasm for Bitcoin is waning. Strong selling pressure began on April 3, coinciding with heightened global trade tensions and increasing fears of an economic recession. This trend is particularly concerning as the net inflow for the spot Bitcoin ETF fell below $2 million for two consecutive days on April 11 and April 14.
Total net inflow of spot Bitcoin ETF (USD). Source: CoinGlass
Bitcoin's price has remained relatively stable at around $83,000 over the past five weeks, further indicating weak interest from both buyers and sellers. On one hand, this lack of volatility may suggest that Bitcoin is becoming a more mature asset class. For instance, several S&P 500 companies have dropped more than 40% from their all-time highs, while Bitcoin's maximum drawdown in 2025 has been 32%, which is relatively healthy.
However, Bitcoin's performance has disappointed investors who believe in the "digital gold" argument. Gold has risen 23% year-to-date in 2025, reaching a record $3,245 on April 11. Despite Bitcoin outperforming the S&P 500 index by 4% over the past 30 days, some investors remain concerned that Bitcoin's appeal is diminishing, as it is currently uncorrelated with other assets and has failed to serve as a reliable store of value.
Average daily trading volume of Bitcoin ETF exceeds $2 billion
From the perspective of the spot Bitcoin ETF market, particularly compared to gold, Bitcoin has some advantages. On April 14, the total trading volume of the spot Bitcoin ETF was $2.24 billion, which is 18% lower than the 30-day average of $2.75 billion. Therefore, it cannot be said that investor interest in these products has disappeared.
Daily trading volume of spot Bitcoin ETF (USD). Source: CoinGlass
Although the trading volume of Bitcoin ETFs is below the daily $54 billion of the S&P 500 ETF (SPY), it is not far off from the $530 million trading volume of gold ETFs and surpasses the $2.1 billion of U.S. Treasury bond ETFs. This is particularly noteworthy considering that the U.S. spot Bitcoin ETF was only launched in January 2024, while gold ETFs have been trading for over 20 years and manage a total of $137 billion in assets.
Even including the Grayscale GBTC trust, which had a daily trading volume of over 200,000 shares in 2017 (before converting to an ETF), Bitcoin investment products still have less than eight years of history. Currently, the assets managed by the spot Bitcoin ETF are approximately $94.6 billion, surpassing the market capitalization of well-known companies such as British American Tobacco, UBS, Intercontinental Exchange (ICE), BNP Paribas, Cigna, and Sumitomo Mitsui.
Market capitalization ranking of tradable assets: Source: 8marketcap
To understand how the spot Bitcoin ETF is establishing itself in the industry, one can look at the major holders of these products. These include well-known institutions such as Brevan Howard, D.E. Shaw, Apollo Management, Mubadala Investment, and the Wisconsin Investment Board. From pension funds to some of the largest independent asset management companies in the world, Bitcoin ETFs provide an alternative option to traditional assets, regardless of short-term price fluctuations.
As this asset class grows and more products such as futures and options are launched, Bitcoin may eventually be included in global indices, whether in commodities or currencies. This could attract passive funds to invest, thereby enhancing price potential and trading volume. Therefore, the current lack of strong net inflows or outflows is not uncommon and should not be viewed as a sign of weakness.
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This article is for general informational purposes only and should not be considered legal or investment advice. The views, thoughts, and opinions expressed in this article are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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