U.S. spot bitcoin exchange-traded funds (ETFs) recorded $291 million in net outflows on Monday, the largest single-day redemption since March 27, even as bitcoinâs price surged to fresh four-week highs near $75,000, according to data from SoSoValue.
Fidelity leads ETF redemptions
Most of Mondayâs redemptions came from the Fidelity Wise Origin Bitcoin Fund, which saw $229 million withdrawn, data from Farside show. The sharp withdrawal from Fidelity points to a likely rebalancing move by one large holder, rather than broad selling pressure across the product range. Market participants were able to absorb and outweigh this selling, as reflected in the concurrent price rise.
Bitcoin gained roughly 5% during the session, briefly topping $74,000 and approaching $75,000, despite the headline ETF outflows.
BlackRock and Morgan Stanley products still drawing capital
Not all products saw withdrawals. BlackRockâs spot bitcoin ETF posted about $35 million in inflows on Monday, its fourth straight day of positive flows, bringing its total intake over that stretch to $482 million.
The newly launched Morgan Stanley Bitcoin Trust ETF also extended its own four-day inflow streak. Since its April 8 debut, the fund has attracted around $68 million, highlighting continued targeted demand for select bitcoin products.
Following Mondayâs moves, U.S. spot bitcoin ETFs now sit at roughly $160 million in net outflows for 2026 to date, slipping back below the positive territory reclaimed earlier this month.
Altcoin ETFs show steadier tone
Funds tracking other major digital assets were more stable. Spot ether ETFs drew $9.4 million in fresh inflows on Monday, extending a three-day run that now totals around $160 million.
XRP-linked products added about $1.5 million, while solana ETFs were unchanged on the day, with no new inflows reported. The continued inflows into ether and other altcoin products suggest capital is rotating selectively within the digital asset space, as traders look for opportunities beyond the largest token.
Sentiment still marked by âextreme fearâ
Despite the price rebound, broader sentiment remains subdued. The Crypto Fear & Greed Index climbed above 20 for the first time since March 19, registering 21, a level still categorized as âextreme fear.â
Analysts at CryptoQuant noted that while underlying conditions have improved, sustained strength is likely to depend on renewed activity in derivatives markets, particularly through a rise in open interest. The lingering caution is linked to the sharp correction seen in late March 2026, which continues to shape trader behavior.
Derivatives activity hits records, boosting volatility risk
Fresh data from the Chicago Mercantile Exchange early Tuesday showed a 12% jump in open interest for bitcoin futures over the past 24 hours, reaching a record $11.4 billion for the 2026 calendar year.
This surge in derivatives positioning points to a market in which price action is increasingly driven by leveraged trades. Such conditions tend to heighten the probability of sudden volatility spikes in the near term, a view echoed by CryptoQuant analysts in their assessment of current market structure.
Outlook: awaiting institutional disclosures
Market observers will look to upcoming quarterly reports from institutional asset managers, due in early May, for clearer signals on positioning trends.
These disclosures should help determine whether recent ETF outflows mark the start of a broader shift away from certain bitcoin products, or if they are better understood as isolated portfolio adjustments amid continued demand for selected funds and alternative digital assets.
Curious how bitcoin ETF flows shape price action? Deepen your insight with Toobitâs analysis in this detailed breakdown.
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