Just now, I noticed a fairly interesting signal in the spot bitcoin etf market: BlackRock’s ETF funds are facing quite significant selling pressure. Last week, the total amount of withdrawals from bitcoin and ethereum products reached about 443 million USD, mainly from BlackRock’s IBIT (bitcoin etf), with approximately 158 million USD withdrawn. Looking at the details day by day, it’s quite fascinating—on March 23, there was an inflow of 160.8 million USD, seemingly suggesting it would continue to rise, but then market sentiment reversed quickly.

By March 27, the largest outflow occurred, with 201.5 million USD leaving the spot bitcoin etf, wiping out all the previous gains. As for BlackRock’s ETHA (ethereum etf), the situation was even worse: total net withdrawals were about 285.1 million USD, with 140.2 million USD lost on March 26. What’s noteworthy is that bitcoin etf still saw some investors buying when the price dipped, but ethereum etf kept selling off throughout the week, showing weaker confidence.

At the moment, bitcoin is around 78K (up from the 65K level that day), ethereum is around 2.33K, but overall market pressure still points downward. Overall, ETF activity suggests investors are reducing risk rather than increasing exposure. The market is waiting for clearer signals before investors return to spot bitcoin etf and related products.