Bitcoin (BTC) Spot ETFs Record $96 Million in Daily Outflows

Bitcoin (BTC) backed exchange traded funds (ETFs) saw a net outflow of $96.14 million on Tuesday, their largest single-day net outflow since April 16.

The capital outflow came amid a slight pullback in the general crypto market, which saw BTC’s price fall to an intraday low of $101,429. This pulled several institutional investors back from the edge, especially with recent signs of progress in US-China trade relations having enticed them to hold out for a final push by BTC to break above the $105,000 resistance.

Of the twelve BTC ETFs listed in the US, they reported no net inflows, with the capital outflows assigned to the twelve funds adding up to $96.14 million by the time the market closed on Tuesday.

However, with institutions pulling out the largest sums from BTC ETFs, it is likely that they will be closely monitoring any signs of a return to bullish momentum.

Among all ETF issuers, Fidelity’s (NYSE:FBTC) Bitcoin ETF (BTC) saw the highest outflows, with the fund reporting capital outflows of $91.39 million. As of this writing, its total historical net inflow stands at $11.61 billion.

BTC Price Still Above Key SMA

In the past 24 hours, BTC has staged a modest recovery, climbing 1% to trade above the $102,000 price point at the time of writing. This rally is fueled by the steady rise in trading activity over the past day.

In its futures market, this is reflected by the coin’s open interest, which currently stands at $67.47 billion, noting a 1% rise from the previous day.

While BTC’s price and open interest rallies are modest, the trend suggests a gradual return of confidence among traders. The uptick in open interest indicates that market participants are re-entering the market with fresh positions, potentially anticipating more upside.

This bullish outlook is further confirmed by the BTC options market. Today’s higher demand for calls over puts signals that traders are positioning themselves for potential upside in the coin’s price.

The resilience shown in the BTC derivatives market signals that the market remains ready to capitalize on any positive momentum. As macroeconomic trends continue to unfold and institutional interest in crypto remains high, the coming days and weeks will be crucial in determining the next leg of BTC’s price movement.