Bitcoin ETFs See $326M Outflow Amid Market Chaos

Investors have been rapidly pulling out of Bitcoin ETFs in response to escalating global market chaos. On April 8, US-listed spot Bitcoin ETFs experienced their fourth consecutive day of outflows, with a total of over $326 million being withdrawn. BlackRock’s iShares Bitcoin Trust ETF (IBIT) saw the largest outflow, shedding more than $252 million in a single day, marking its most significant single-day loss since February 26.

This exodus from Bitcoin ETFs is part of a broader reaction to the recent announcement by the US President of new reciprocal import tariffs. The policy shift triggered a historic sell-off in traditional markets, with the S&P 500 losing $5 trillion in value over just two days. Despite initial resilience, Bitcoin eventually followed traditional markets downward, falling below $75,000 on April 6.

Lennix Lai, global chief commercial officer at OKX, noted that the lag between the equity market drop and Bitcoin’s decline suggests a developing nuance in the relationship between crypto and traditional assets. While the Nasdaq dropped 11% in the two days following the tariff news, Bitcoin fell only 6%. This discrepancy could indicate a possible decoupling trend, with Bitcoin’s 24/7 trading liquidity making it a viable option for weekend risk-off strategies.

However, Lai emphasized that Bitcoin’s price remains fundamentally tied to global liquidity conditions. Even as correlations with traditional equities seem to weaken, the cryptocurrency still responds to broader financial pressures, especially those impacting global capital flows. Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, pointed out that Bitcoin’s price movements are largely driven by market expectations around the future supply of fiat money. Despite short-term volatility, Bitcoin’s long-term role as a store of value is gaining traction among investors navigating an increasingly uncertain global economy.

Despite the market turmoil, companies continue to push forward with new ETF developments. Cboe BZX Exchange recently submitted a proposal to list an ETF backed by Sui (SUI), the native token of the Sui Network. If approved by regulators, this will be the first ETF in the country to hold SUI. The proposed ETF will be issued by Canary Capital, a firm known for its focus on crypto ETFs. Sui is a blockchain platform built using Move, a smart contract language derived from Rust, and is designed to offer users a Web3 experience that closely mirrors traditional applications.

In addition to new ETF developments, BlackRock has announced a partnership with Anchorage Digital to enhance its crypto custody capabilities. This collaboration will see Anchorage, the only federally chartered crypto bank in the United States, provide BlackRock with custody, staking, and settlement services for digital assets. Anchorage already supports BlackRock’s BUIDL fund, a $2 billion tokenized offering backed by US Treasurys and focused on real-world assets. With $11.6 trillion in assets under management, BlackRock is the world’s largest investment firm and a dominant player in the ETF product space. The company currently holds approximately $45.3 billion in Bitcoin and $1.7 billion in Ethereum through its various ETP offerings.

Since the launch of Bitcoin ETFs in January 2024, these products have drawn significant investor interest, accumulating close to $36 billion in net inflows. However, 2025 has been marked by unexpected volatility, with inflows frequently followed by steep outflows. Despite these fluctuations, Bitcoin funds remain among the most successful ETF launches in financial history. BlackRock’s iShares Bitcoin Trust, in particular, has amassed a net inflow of $39 billion and has expanded its footprint by launching a crypto ETP in Europe, indicating strong continued confidence in the long-term potential of digital assets.