Bitcoin ETFs Bleed $65M in a Day— Is the Bull Run Losing Steam?

Friday wasn’t kind to Bitcoin ETFs, with the market seeing a sharp $65 million in BTC outflows and not a single dollar coming in. Leading the exodus were Grayscale’s GBTC, Ark 21Shares’ ARKB, and Bitwise’s BITB—signaling the second straight day of investor pullback. Interestingly, while capital was flowing out, trading activity picked up in a big way. Bitcoin ETFs saw nearly $4.5 billion in volume, almost double what we saw on Thursday. But even that surge in activity couldn’t offset the bearish mood, as total net assets slipped to $94.45 billion.

Ether ETFs Finally End Their Losing Streak

While Bitcoin bled, Ether ETFs showed a flicker of green. Franklin Templeton’s EZET brought in just over $2 million—the first sign of inflow after a string of red days. It’s not much, but enough to break the downtrend that’s lingered all week. The rest of the Ether funds were quiet, neither gaining nor losing capital. Trading volume also ticked up to $371 million, and overall net assets edged slightly higher to $6.16 billion. It’s a small win, but in a cautious market, even a small shift in sentiment can mean something.

Caution Builds as Markets Eye What’s Next

The split between the BTC outflows and Ether’s tiny rebound paints a picture of uncertainty. With big economic data and policy decisions on the horizon, investors seem to be in a wait-and-see mode. Some may be taking risk off the table, while others are quietly positioning for what comes next. Bitcoin’s zero inflow day, despite the heavy trading, shows that conviction is lacking right now. On the flip side, Ether’s minor inflow hints that not everyone is ready to give up just yet. With that backdrop, let’s take a closer look at the technicals to see what the price action is telling us next.

BTC Price Action Analysis

The BTC price on a 5-minute chart traded within a well-defined range early in the session before breaking downward into a descending channel marked by lower highs and lower lows. This decline was accompanied by multiple RSI dips into oversold territory, reflecting strong bearish momentum. However, each touch of the channel’s lower boundary sparked minor bullish reactions, eventually leading to a breakout. The MACD confirmed these shifts with a series of golden crosses, supporting short-term bullish momentum during recoveries. The BTC price then climbed back toward the $83,600 area, aligning with previous resistance levels, but failed to sustain upward movement.

Chart 1, Analyzed by Alokkp0608, published on April 6th, 2025

After testing the resistance zone just below $84,800, Bitcoin failed to break higher, and RSI entered the overbought zone multiple times, indicating buyer exhaustion. The MACD mirrored this sentiment, forming a death cross during the most recent pullback. The BTC price is now consolidating around $83,130, with decreasing volatility suggesting an indecisive market. Key support lies near $82,400, where price previously rebounded and RSI hit oversold levels. A break below this support could trigger further downside, while a bounce here would require strong volume to revisit the resistance zone. Both RSI and MACD are currently lean bearish, hinting at limited upward momentum unless fresh catalysts appear. In the short term, Bitcoin may retest the $82,400 support before any meaningful bounce or further breakdown unfolds.

BTC Price Wobbles as ETF Outflows and Technical Signals Flash Caution

The recent $65 million BTC outflow from ETFs, coupled with zero inflows, highlights growing investor caution. Despite a surge in trading volume, sentiment remains shaky as net assets decline. Technically, BTC price action shows signs of weakness, with multiple overbought RSI readings and a bearish MACD crossover signaling a potential downside. The inability to break above the $84,800 resistance reinforces the bearish outlook. Meanwhile, Ether’s modest ETF inflow suggests selective optimism, but not enough to shift the broader tone. With key support at $82,400 now in focus, traders should closely watch these levels for potential price swings as Bitcoin continues to react to macroeconomic factors and broader market trends.