Bitcoin ETPs See $240 Million Outflows as Market Sentiment Shifts
Cryptocurrency exchange-traded products (ETPs), particularly Bitcoin-focused funds, experienced significant outflows last week, with investors pulling out $240 million amid growing global trade uncertainties. According to CoinShares’ April 7 report, this marks a sharp reversal from the previous two weeks, which saw inflows totaling $870 million. Bitcoin ETPs led the withdrawals with $207 million exiting the market, signaling the first monthly decline in 2025. Grayscale, one of the largest digital asset managers, was the hardest hit, recording $95 million in weekly outflows and bringing its yearly total to $1.4 billion. The shift reflects changing investor sentiment as macroeconomic concerns weigh on crypto markets.
Crypto ETPs Witness $240 Million in Withdrawals
Cryptocurrency exchange-traded products (ETPs) faced significant outflows last week, with investors withdrawing $240 million amid global trade fears, according to CoinShares’ April 7 report. This reversal follows two weeks of inflows totaling $870 million. Bitcoin ETPs led the outflows with $207 million, marking the first monthly decline in 2025. Grayscale was hit hardest, recording $95 million in weekly outflows, bringing the yearly total to $1.4 billion. Despite the dip, the total value held in digital asset ETPs stood at $132.6 billion, up 0.8% from the previous week, outperforming traditional assets like MSCI World equities which fell by 8.5% over the same timeframe.
Is the Bitcoin Bull Cycle Over?
Prominent Cryptocurrency founder and analyst Ki Young Ju believes the Bitcoin (BTC) bull cycle has ended. Referencing on-chain market metrics, Ju explains that if an increase in the realized cap, which tracks funds flowing into Bitcoin through wallet movements, does not trigger a price surge, the bears might have taken over. This is considered a classic bearish signal. Conversely, a bullish signal is observed when stagnation in Realized Cap does not hinder the upsurge in market capitalization, suggesting that even a small amount of new capital is driving prices higher. Currently, capital is entering the market, but prices aren’t responding, which is typical of a bearish trend.
Bitcoin Giant Strategy Records $6 Billion Loss On Holdings
Michael Saylor’s business intelligence firm and corporate Bitcoin holder company Strategy (previously known as MicroStrategy) disclosed a nearly $6 billion loss on its BTC stash in the first quarter of 2025 as the global tariff war roils digital assets. Moreover, the Nasdaq-listed company did not acquire any Bitcoin over the last week amid Bitcoin’s price slump. Strategy is under pressure as its aggressive Bitcoin accumulation strategy faces a massive loss. During the first quarter, Strategy purchased 80,715 BTC for $7.66 billion using proceeds from its at-the-market equity offering. While the Tysons, Virginia-based firm bought BTC for an average price of $95,000 in Q1, the price of Bitcoin closed below $84,000 and dived 12%.
Pierre Rochard, the Bitcoin Maximalist OG, on Mining, Markets, and Modern Finance
Pierre Rochard, who calls himself a “bitcoin maximalist OG,” first discovered Bitcoin (BTC) in 2012 while studying at UT Austin. With interests in Austrian economics and open-source software, he was “captivated” by Bitcoin as the intersection of both. He became an early thought leader, co-founding the Satoshi Nakamoto Institute to house foundational writings and cypherpunk philosophy. Across roles at BitPay, Kraken, and most recently Riot Platforms (RIOT), his work has spanned Bitcoin infrastructure and advocacy. At Riot, he led responses to environmental criticisms, including a viral parody video that “put the critics on the defensive” and reframed the debate around mining and value creation. Pierre Rochard is a speaker at Consensus 2025, in Toronto, May 14-16.
BTC Resilience Tested Amidst Volatility
The resilience of Bitcoin (BTC) was tested last week following the revelation of tariffs by Trump. Initially, several industry watchers praised BTC’s resilience compared to US equities. However, the asset’s price subsequently plummeted. Despite the volatility, Tony Greer, a guest on the Forward Guidance podcast, noted the astounding corporate buying of BTC at every price level and the ongoing willingness of institutions to buy the dip, indicating their long-term belief in the asset. Strategy paused its BTC buying last week but had bought 22,048 BTC at an average price of ~$87,000 per coin the week prior.
