Bitcoin Hits $83,500, But Bitcoin ETFs Bleed Out $127M: What’s Spooking Investors?

In an interesting turn of events, U.S. Spot Bitcoin ETFs saw $127.12 million in outflows on Wednesday. Despite the financial markets rallying after Trump’s tariffs were paused, investors continued to liquidate their positions in the ETF market. This highlights a surprising disconnect between investor behavior for Bitcoin ETFs and the broader market. 

Major Bitcoin ETFs Suffer Losses During Bitcoin Rally!

According to data from SoSoValue, BlackRock’s IBIT led the charge for the top losers, losing $89.71 million, while Grayscale’s GBTC saw $33.8 million leave its reserves. VanEck and WisdomTree also reported significant outflows. The only exception in an otherwise declining ETF market was Bitwise’s BITB, which recorded $6.71 million in inflows. These exits mark the fifth consecutive day of outflows for Spot Bitcoin ETFs. This comes in contrast to the Bitcoin price action, as it rose by around 8% to $83,500 in the last 24 hours. The rest of the crypto market also followed suit as ETH also soared, gaining 11%.

Market Rally Sparks Optimism Amid Spot Bitcoin ETFs

The negative performance by the ETF came to the fore while a market-wide rally was sparked by Trump’s announcement of pausing the tariffs for 90 days. Traditional markets also ascended, with the Dow Jones Industrial Average climbing 7.87% and NASDAQ experiencing its largest single-day jump since January 2001. Crypto-based stocks also hopped onto the trend, with Strategy’s stock skyrocketing by 24.76%.

Asian markets also noticed gains, with Japan’s Nikkei 225 going up by 8.68% and South Korea’s Kospi rising 6.07%. Jeff Mei, COO of crypto exchange BTSE, said, “The market is rallying in response to anticipation that most trading partners will negotiate trade deals with the U.S., avoiding a full-fledged trade war.” The outflows amid such bullish sentiments raise questions about investor confidence, even as the Bitcoin price continues its upward trajectory. In other Bitcoin news, Bitcoin has risen to boast $80,000+ levels again. 

BTC Price Analysis: Bitcoin Makes Strong Comeback to $83K

Bitcoin commenced trading at $76,100. It was seen in the narrow range between the $74,630 support and the $77,700 resistance. Bitcoin soon dropped to the support level. But the oversold conditions, as seen on the RSI, warranted a price hike as Bitcoin formed an uptrend. The uptrend again faced rejection at $77,700. However, with a slight correction phase, the price started to go up again, eventually going beyond the resistance at 14:15 UTC. A slight downturn was seen, but was followed by a huge golden cross at 16:05. 

Chart1 – Published on TradingView, April 10, 2025

This sparked a massive skyward spike as Bitcoin was seen going from $78,290 to $82,990 in the span of an hour. With RSI now indicating overbought levels, a downturn followed. However, strong buying pressure prevailed as Bitcoin climbed to test the $83,650 resistance. But, it faced resistance, a death cross formed, and the Bitcoin price slowly declined to fall to the $81,530 support. Since then, the EMAs have continued to stay close to each other, as no specific trend has been seen. Bitcoin has attempted to go on a slight uptrend, but has failed to make any meaningful progress. As of the latest update, the Bitcoin price was seen at $81,900.

BTC Price Prediction: Can Bitcoin Rally to $85,000 Today?

Bitcoin has made exceptional progress today. Now trading between $81,000 and $83,000, it has a strong support to jump off of. But, it is worth noticing that as of now, the RSI is falling, which means that Bitcoin will face a slight price correction before any meaningful price movement. It looks like it is poised to test the $81,500 support. If the support holds for the first two or three advances, Bitcoin will be in a much better position for a resistance break. However, if support is breached, we may be looking at a trading range before any upward movement.