Spot Bitcoin ETFs recorded $490 million in outflows over just three days, as Bitcoin failed in repeated attempts to move back above $78,000. The pullback came during a period of weaker risk appetite across markets. Since the start of the year, BTC has fallen 14%, while the S&P 500 has climbed to record highs.
Pressure also came from the equity side. Weak quarterly results from major technology companies dragged sentiment lower, with Meta shares down 9% and Microsoft off 4%. That shift in tone spilled into crypto, where demand for Bitcoin softened alongside broader risk assets.
Oil and Treasury yields added to market caution
Macro conditions played a central role in the ETF outflows. Brent crude rose to $126 from March levels, while the yield on the U.S. five-year Treasury note climbed from 3.51% two months ago to 4.02%. With inflation still pressing on the economy, investors demanded higher returns from government debt and moved more capital toward assets seen as safer.
Fresh economic data added to that cautious stance. The U.S. Department of Commerce reported first-quarter GDP growth of 2%, below economists’ expectations of 2.3%. Slower growth and sticky inflation left little support for aggressive risk-taking.
Long-term Bitcoin demand remains part of the discussion
The report argues that inflation is eroding the real return of fixed-income assets, keeping the long-term case for supply-capped assets like Bitcoin in view. CNBC cited current macro conditions as potentially supportive for BTC over a longer horizon, even as short-term flows remain negative.
Corporate buying remains another point of focus. Strategy, led by Michael Saylor, said it added 56,235 BTC during the first four weeks of April, lifting its average acquisition cost to $75,537. Some observers said a slowdown in that pace of buying could create short-term price pressure for Bitcoin.
Political and regulatory risk returned to the foreground
The article also linked recent oil strength to the start of war in Iran at the end of February, which affected global risk sentiment. In the United States, activity tied to former President Donald Trump’s family in the crypto market drew political attention. Three senators have called for an official investigation into profits earned by Trump and his family through crypto investments.
Even with those pressures in place, the report said the latest three-day ETF outflow has not triggered broad alarm. In a setting shaped by inflation and modest economic growth, some analysts still view $80,000 as a reasonable base-case target for Bitcoin.