Bitcoin ETF Ends Nine-Day Net Inflow as Market Awaits Fed FOMC Meeting

On April 28, Bitcoin fell below $77,000, and the U.S. spot Bitcoin ETF recorded a net outflow of $263.2 million on April 27, ending a nine-day streak of net inflows. This coincides with the upcoming Federal Reserve FOMC meeting this week, adding a cautious sentiment to an already resilient April rebound. Bitcoin declined today but has still risen about 15% over the past month, having briefly reached a high of $79,000 in April. The interruption in ETF fund momentum is significant as it occurs just before a major macroeconomic week. The market is currently digesting the Federal Reserve’s actions, renewed inflation concerns, GDP data, a series of earnings reports from major tech companies, and another round of interest rate decisions from European and Asian central banks. Timothy Misir, head of research at BRN, noted that the crypto market entered this week with encouraging momentum, but the numerous cross factors make it difficult to determine a clear risk appetite scenario. He observed that investors are showing signs of ‘war fatigue’ regarding the situation in the Middle East, while central banks are forced to balance supply-driven inflation with waning confidence and mixed data. Glassnode expressed a similar view in its latest weekly pulse report, stating that Bitcoin remains in a ‘mixed state of bullish momentum, cautious sentiment, and consolidation,’ with strong buying pressure offset by weaker speculative participation and lower trading activity. QCP Capital noted that Bitcoin had a significant rebound in April, maintaining an overall constructive outlook. However, the firm believes that $82,000 remains a key level, with the nearby CME gap presenting the next real test. Andy Baehr, Managing Director at GSR Asset Management, remarked that prices are ‘gradually rising,’ with $80,000 still being a critical psychological level.