Concerns Over Flat Inflows to Spot Bitcoin ETFs Amid Economic Uncertainty

Spot Bitcoin ETFs recently faced $872 million in net outflows, raising concerns about declining investor interest amidst economic uncertainties. Despite stable Bitcoin prices around $83,000 and lower trading volumes compared to historical averages, the asset class has shown resilience, with significant institutional backing and potential for future inclusion in global indexes.

Bitcoin investors are expressing concern over the recent flat inflows to spot Bitcoin exchange-traded funds (ETFs). Between April 3 and April 10, these ETFs experienced $872 million in net outflows, prompting questions about declining interest in Bitcoin as economic uncertainties rise. Notably, two subsequent days recorded net flows below $2 million, particularly on April 11 and April 14, highlighting a potential waning demand for Bitcoin.

Despite this trend, Bitcoin’s price has remained relatively stable around $83,000 for the past five weeks, indicating weak activity from buyers and sellers. This stability might suggest Bitcoin’s maturation as an asset class, especially when compared against significant declines in several S&P 500 companies, which have dropped over 40% since their peaks, while Bitcoin’s largest decline in 2025 was only 32%.

Nevertheless, Bitcoin’s struggle to maintain its allure as “digital gold” raises concerns among investors. Unlike Bitcoin, gold surged 23% in value in 2025, achieving an all-time high of $3,245 on April 11. Although Bitcoin outperformed the S&P 500 by 4% in the last 30 days, investors note its lack of correlation with other assets and its diminishing reliability as a store of value.

On April 14, trading volume for spot Bitcoin ETFs reached $2.24 billion, although this is 18% lower than their 30-day average of $2.75 billion. This indicates that while investor interest might fluctuate, it has not disappeared completely. Comparatively, Bitcoin ETFs show robust activity as they trail gold ETFs at $5.3 billion and stand ahead of US Treasury ETFs at $2.1 billion, despite the former’s much longer establishment period.

Spot Bitcoin ETF markets, launched in January 2024, already hold approximately $94.6 billion in assets, surpassing the market capitalisation of major firms such as British American Tobacco and BNP Paribas. Furthermore, significant institutional investors, including Brevan Howard and the State of Wisconsin Investment, are top holders in these products, evidencing growing adoption by traditional asset managers and pension funds.

The ongoing development of Bitcoin as an asset class can lead to its inclusion in global indexes, stimulating passive fund investment and enhancing its price potential and trading volume. Thus, the current state of limited inflows or outflows is not necessarily indicative of weakness, but rather part of the natural market cycle.