Crypto ETFs Record Mixed Flows, ARK Bitcoin ETF Gains $41M Inflow

Key Insights:

• Major crypto ETFs continued outflows for the second consecutive day.
• Spot BTC ETFs recorded an outflow of nearly $90 million but the ARK Bitcoin ETF raked in $41 million.
• Ethereum and Solana ETFs also saw waning investor activity.

Crypto ETFs recorded mixed flows on April 28 in U.S. markets as investors reduced exposure ahead of macro events. The move came as spot Bitcoin ETFs logged net outflows, while selective funds such as ARK’s product attracted inflows, highlighting uneven institutional demand.

Another week of mixed flows for crypto ETFs showed continued outflows across multiple funds. However, the ARK Bitcoin ETF (ARKB) stood out after posting a $41.2 million daily inflow.

Farside Investors data showed Bitcoin ETFs recorded a net $89.7 million outflow on Tuesday, April 28. The decline was smaller compared to Monday’s $263 million outflow, indicating reduced selling pressure.

Data on crypto ETFs showed divergence across products, with some funds attracting inflows while others faced redemptions. The ARK Bitcoin ETF recorded the strongest inflow at $41.2 million.

However, larger funds continued to drive overall outflows. BlackRock’s IBIT lost $112.2 million, while Fidelity’s FBTC saw $5 million in outflows.

The Bitwise Bitcoin ETF (BITB) also recorded $13.7 million in redemptions. Meanwhile, Grayscale’s GBTC has posted $26.26 billion in cumulative outflows since launch, though it reported zero flows on Tuesday.

Bitcoin ETF flows remained volatile throughout April. A $223.3 million inflow on April 23 reversed into a $263.2 million outflow by April 27, showing inconsistent institutional demand.

The Ethereum ETF story was similar, albeit on a smaller scale. On April 28, the total Ethereum ETF flows were $21.8 million, with several funds showing zero or negative flows.

Since launch, Grayscale’s ETHE has remained the largest outflow fund, with a total of $5.25 billion. In the meantime, BlackRock’s ETHA has emerged as the fund with the largest inflows fund at $11.94 billion.

In the previous week, Ether ETFs recorded massive influx as capital influx into crypto ETFs surged to $1.2 billion. Whilst Solana ETFs recorded zero activity on Tuesday. In contrast, early signs of interest were recorded for new XRP ETFs.

Data from XRP Insights reveals that assets under management (AUM) for seven XRP ETFs total $1.075 billion. Around 787.04 million XRP is locked, equivalent to 0.787% of total supply. Meanwhile, net flows for the week reached 9.25 million XRP, showing steady growth.

Analyst Michaël van de Poppe’s observations on market sentiment noted the impact of macroeconomic movements and technical factors. Despite the crypto ETF outflow, Bitcoin price marked a rebound.

He said, “There we go, #Bitcoin bouncing back upwards.” He also commented on how the upcoming macro events affect positioning. Poppe noted, “FOMC today, GDP tomorrow. Lots of important events are coming up, and markets usually fall ahead of them.”

The chart above shows Bitcoin price’s recent bounce after a correction earlier this year. Following a substantial decline, BTC price has started to show a pattern of higher lows and higher highs on smaller time frames. It suggests a short-term recovery.

Poppe’s chart identifies a “critical support area” at the $70,000 level and resistance in the $85,000- $88,000 range. The analyst remarked, “The bounce is strong, and it signals more upside from here.”

He further noted that “$85-88K is the area to target in May for #Bitcoin.” Poppe also added that, “The target for #Bitcoin in May is $85-88K.”

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