[DigitalToday reporter Yoonseo Lee (이윤서)] Bitcoin spot exchange-traded funds (ETFs) posted net outflows of $173.73 million on April 1 (local time), with withdrawals continuing from the first day of the second quarter.

Blockchain media outlet BeInCrypto reported on April 2 that the outflow trend immediately after the end of the first quarter coincided with a rotation flow of about $500 million in net terms accumulated over the first quarter. In March, however, $1.32 billion flowed into bitcoin funds.

The April 1 outflows were concentrated in large products. BlackRock's iShares Bitcoin Trust (IBIT) saw $86.52 million leave, while Fidelity's Wise Origin Bitcoin Fund (FBTC) posted outflows of $78.64 million. Grayscale Bitcoin Trust (GBTC) also recorded net outflows of $13.26 million.

By contrast, Grayscale's low-cost Bitcoin Mini Trust (BTC) recorded net inflows of $10.25 million the same day. The product's fee is 0.15 percent, among the lowest among bitcoin spot ETFs.

Ether spot ETFs also posted net outflows of $7.1 million on April 1. Total net assets stood at $12.21 billion, accounting for about 4.72 percent of ether's market capitalisation.

Flows diverged by product. Grayscale Ethereum Trust ETF (ETHE) recorded the biggest inflow of the day with net inflows of $17.42 million, while BlackRock iShares Ethereum Trust (ETHA) posted net outflows of $32.26 million. ETHE's fee is 2.50 percent.

Ether spot ETFs posted net outflows of $769 million in the first quarter, marking their weakest quarter since launch. Bitcoin also fell about 22 percent over the same period, posting its worst first-quarter performance since 2018. Persistent inflation, the U.S. Federal Reserve's cautious monetary policy and geopolitical tensions stemming from U.S.-Iran conflict weighed on risk-asset investment sentiment in the first quarter.

With outflows continuing from bitcoin and ether spot ETFs from early in the second quarter, the market is showing profit-taking centred on large products alongside selective moves into products with lower cost burdens. With macroeconomic uncertainty and geopolitical tensions likely to persist in the short term, ETF fund flows are highly likely to serve as a key indicator for gauging broader market investment sentiment.