Bitcoin ETFs Bleed as Exchange Inflows Hit 30-Day High – Here’s The Next Level to Watch

• Bitcoin ETFs posted net outflows as exchange inflows hit a 30-day high, raising focus on near-term selling pressure.
• BTC’s monthly Morning Star will only be valid if it holds above $73,000, one analyst says.

Bitcoin is facing mounting pressure as spot ETF outflows and exchange inflows rise. According to the latest data, demand from institutional investors is weakening and more coins are moving into trading platforms. 

Meanwhile, spot market activity has dropped to levels last seen near the end of the previous bear market. Analysts are now focused on the $73,000 level, stating that Bitcoin’s monthly Morning Star setup stays valid only if BTC holds above it.

After dipping 1.3% over the past day, BTC now trades just above $76,000 for a $1.52 trillion market cap. It has recovered slightly after hitting a weekly low of $75,100 on Wednesday, while trading volume has shot up 20% to $39.3 billion.

Bitcoin ETF Outflows Deepen as Investors Cut Exposure

U.S. spot Bitcoin ETFs recorded another day of net outflows, extending a three-day streak of withdrawals. According to analyst Colin Wu, spot Bitcoin ETFs posted total net outflows of $89.68 million on April 28. BlackRock’s IBIT led the withdrawals with $112 million in net outflows.

The selling pressure was also evident with the spot Bitcoin ETFs, which recorded about $137.75 million in net outflows on April 28. BlackRock’s IBIT, Fidelity’s FBTC, Ark Invest’s ARKB, Franklin Templeton’s BRRR, and Grayscale’s GBTC all lost money. Morgan Stanley’s MSBT was the only listed fund with record inflows.

The three-day outflow streak has drawn attention because spot ETFs often reflect institutional demand for Bitcoin exposure. When flows weaken, traders usually watch whether the selling is linked to profit-taking, risk reduction, or caution before major macro events.

BTC Exchange Inflows Hit 30-Day High

BTC exchange data added another bearish signal. CryptoQuant analyst Woominkyu revealed that Bitcoin exchange net inflows rose to 9,905 BTC on April 27. That marked the largest single-day net inflow in 30 days.

The Exchange Whale Ratio also climbed to 0.707, its highest level in more than a week. This means the top 10 inflow transactions accounted for over 70% of total deposits. Large inflows can suggest that major holders are preparing to sell, rebalance, or add collateral, although deposits do not always lead to immediate selling.

Bitcoin exchange reserves also increased from 2.666 million BTC on April 25 to 2.677 million BTC on April 28. Woominkyu said BTC may retest the $74,000 to $75,000 support zone if the market fails to absorb the inflows quickly. That zone now sits close to the broader level traders are watching on higher timeframes.

Bitcoin’s spot market has also slowed sharply, with trading volumes across major exchanges dropping to their lowest levels since the end of the previous bear market. Binance has lost $25 billion in trading volume since last month, while Gate and OKX have dropped $13 billion and $6 billion, respectively.

The market also faces a difficult macro backdrop, with inflation concerns, the Federal Reserve’s rate stance, and tensions linked to Iran weighing on risk appetite.

The Next Level to Watch for Bitcoin

On the technical level, analyst Ali Martinez pointed to a Morning Star candlestick pattern forming on Bitcoin’s monthly chart. He said the structure can show seller exhaustion and a shift from fear to indecision before stronger buying returns. Similar patterns appeared three times in recent years and came before major upward moves.

However, the setup depends on one key level. Bitcoin’s structural bias stays to the upside as long as BTC holds above the “star” candle low near $73,000. That makes $73,000 the key level to watch if ETF outflows and exchange deposits continue to pressure the market.

Arthur Hayes also remains bullish, arguing that BTC could reach $125,000 this year if global liquidity continues to rise on the back of wartime spending, increased borrowing, and monetary expansion.

The post Bitcoin ETFs Bleed as Exchange Inflows Hit 30-Day High – Here’s The Next Level to Watch appeared first on ETHNews.