U.S.-listed bitcoin spot exchange-traded funds (ETFs) posted net outflows of $263 million, ending a nine-session run of inflows.

On April 28 (local time), blockchain media outlet Cointelegraph reported that bitcoin fell below $77,000 and failed to regain $80,000, which it had attempted in a recent rebound.

The outflows came as a strong inflow trend that had continued since mid-April weakened. According to SoSoValue data, U.S. bitcoin spot ETFs recorded net inflows for nine straight sessions from April 13, with cumulative inflows totaling $2.1 billion over the period.

The withdrawals were concentrated in some large products. Farside data showed the Fidelity Wise Origin Bitcoin Fund (FBTC) posted the largest net outflow, with $150 million leaving the fund. The Grayscale Bitcoin Trust ETF (GBTC) and the ARK 21Shares Bitcoin ETF (ARKB) also saw outflows of about $47 million and $43 million, respectively.

By contrast, the BlackRock iShares Bitcoin Trust ETF (IBIT) and the Morgan Stanley Bitcoin Trust ETF (MSBT) were flat on the day, with no net inflows or outflows after seeing inflows in recent days.

Market sentiment also weakened again. The Crypto Fear and Greed Index hit 47 on April 28, entering neutral territory for the first time in three months, but returned to fear territory the next day after bitcoin failed to extend gains above $80,000.

Not only bitcoin spot ETFs but other cryptocurrency ETFs also showed weak performance. Ethereum spot ETFs recorded net outflows of $50.5 million on the day, while there were no new inflows into XRP and Solana spot ETFs.

Amid these moves, another analysis said derivatives markets had a bigger impact on the recent decline than spot supply and demand. CryptoQuant analyst XWIN Research assessed that the sharp drop in bitcoin in recent days was likely a "typical liquidity event" driven more by forced liquidations of leveraged long positions than by spot selling pressure.

In an earlier analysis, CryptoQuant said that if bitcoin fails to break through resistance at $80,000, it could be interpreted as a sign that sell orders are building at that price level. It warned that in that case, position adjustments by ETF investors and short-term whale holders could last longer.

Against that backdrop, the market's next focus is whether bitcoin can regain the $80,000 level and whether ETF flows return to net inflows. Institutional buying in April exceeded mining supply, but in the short term, price resistance and leverage liquidations have been seen to shake ETF flows as well.

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