In the month of April, the total value of Bitcoin spot exchange-traded funds (ETFs) dropped below $50 billion, reaching $49.413 billion. During this period, U.S. Bitcoin ETFs collectively experienced an outflow of $182 million, reflecting the uncertain market conditions.

Ahead of the upcoming Federal Open Market Committee (FOMC) meeting, Bitcoin ETF outflows surged to over $161 million, marking the highest level for the week. This spike in outflows followed a significant correction in the broader stock market.

Grayscale's Bitcoin ETF, GBTC, Sees Substantial Outflows

On April 30th, Bitcoin spot ETFs experienced significant net outflows, totaling as much as $162 million. The Grayscale ETF, GBTC, recorded a notable single-day net outflow of $93.2277 million, contributing to its current historical net outflow of $17.303 billion.

The total net asset value of Bitcoin spot ETFs has now dipped below the $50 billion mark, reflecting the challenging conditions for U.S. Bitcoin ETFs in April. After strong inflows during the first three months of launch, April registered a collective outflow of $182 million across all nine spot Bitcoin ETFs trading in the U.S.

Hong Kong Debuts Bitcoin and Ether ETFs with Slow Start

In contrast, Hong Kong recently debuted its Bitcoin and Ether ETFs, but saw a slow start with $12 million in Day 1 trading volumes. However, some market analysts suggest that this was a good start, considering the smaller market size compared to the U.S.

When adjusting for market size, Hong Kong's inaugural day proved to be 22 times more robust than the record-breaking launch of the Bitcoin ETF in the United States. The lower trading volumes were attributed to Hong Kong's larger seeding process, unlike the typical first-day seed buyers in U.S. ETFs.

Bitcoin Price Under Pressure Amid Market Sell-Off

Amid the broader market sell-off, with the Dow Jones crashing 500 points, the Bitcoin (BTC) price has also come under strong selling pressure, dipping below $60,000 levels. Market analysts predict that BTC may experience an 8-10% correction, potentially slipping to $55,000, before starting on the path of recovery.