If you’ve been keeping an eye on the cryptocurrency market lately, you might have noticed an interesting trend regarding spot Bitcoin (BTC) exchange-traded funds (ETFs). Between April 3 and April 10, 2025, these funds experienced a staggering total of $872 million in net outflows. This significant movement has sparked questions among investors and traders alike about whether interest in Bitcoin is beginning to fade. The wave of selling pressure initiated on April 3 coincided with rising global trade tensions and anxiety surrounding potential economic recession, a combination that has left many investors feeling jittery.
Spot Bitcoin ETFs aggregate net flows, USD. Source: CoinGlass
Adding to the intrigue is the fact that on April 11 and April 14, net flows for spot Bitcoin ETFs remained disappointingly low, not surpassing $2 million. This data seems to suggest a certain stagnation in the market, as Bitcoin’s price has hovered around $83,000 for the past five weeks. One could interpret this low volatility in a couple of ways: it could signify that Bitcoin is maturing as an asset class, or it might indicate dwindling interest from buyers and sellers. For context, many S&P 500 companies have seen their valuations drop 40% or more from all-time highs, while Bitcoin’s largest drawdown in 2025 was a comparatively moderate 32%.
Despite these seemingly stable price movements, Bitcoin’s performance has left some investors feeling disillusioned, especially those who have touted the currency as the “digital gold.” Gold has shown impressive gains in 2025, climbing 23% and reaching an all-time high of $3,245 on April 11. While Bitcoin has outperformed the S&P 500 by 4% in the last 30 days, its lack of correlation with other assets raises questions about its effectiveness as a reliable store of value, visually raising doubts among investors.
Average Bitcoin ETF Volume Surpasses $2 Billion per Day
When examining the market for spot Bitcoin ETFs, it’s essential to recognize prevailing metrics that paint a more nuanced picture. On April 14, these funds reported a combined trading volume of $2.24 billion—18% below the 30-day average of $2.75 billion. Contrary to the initial narrative suggesting dwindling interest, this figure indicates that investor engagement with Bitcoin ETFs is far from extinguished.
Spot Bitcoin ETFs daily volumes, USD. Source: CoinGlass
While Bitcoin ETF volumes may not compete with the $54 billion per day traded by the SPDR S&P 500 ETF (SPY), they hold their own against gold ETFs, which trade around $5.3 billion daily. This performance is commendable, especially considering that spot Bitcoin ETFs launched in the United States only in January 2024, compared to gold ETFs, which have had over two decades to develop a market presence. Currently, spot Bitcoin ETFs manage approximately $94.6 billion in assets—more than many well-established companies like British American Tobacco and Cigna.
When you take into account the Grayscale GBTC Trust, which saw a remarkable average daily trading volume exceeding 200,000 shares back in 2017, it’s evident that Bitcoin investment products are still relatively nascent, having been in existence for less than eight years. Intriguingly, the growing market for spot Bitcoin ETFs has attracted substantial players, including institutional investors like Brevan Howard and Apollo Management. This diverse array of holders illustrates the growing acknowledgment of Bitcoin’s role as an alternative asset, transcending immediate price fluctuations.
Ranking of tradable assets by market capitalization, USD: Source: 8marketcap
The emergence of Bitcoin ETFs is not just about daily trading volumes; it has the potential to change the investment landscape over the long term. As more products, including futures and options, become available, Bitcoin might be integrated into more global indices, categorized either under commodities or currencies. Such developments could lead a flood of passive investment into the market, substantially boosting both price levels and trading volumes. Thus, the current stasis observed in net inflows and outflows should be seen as a normal phase in the lifecycle of a developing asset class, rather than a sign of intrinsic weakness.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
