Bitcoin spot ETFs see $89.6M outflow, BlackRock leads with $112M

Bitcoin spot ETFs saw net outflows of $89.68 million on April 28, with BlackRock’s IBIT accounting for $112 million of the total. The likelihood of Bitcoin reaching $80,000 in April now sits at 14.5%, down from 26% yesterday.

## Market reaction

Traders are treating these outflows as a bearish signal. Odds for Bitcoin reaching $80,000 in April dropped 37 points at 12:23 PM. The move suggests concern about sustained institutional appetite for Bitcoin, particularly given that BlackRock, the largest ETF issuer, led the outflows.

## Why it matters

The long-term picture has also weakened slightly. Expectations for Bitcoin reaching $200,000 by the end of 2026 now sit at 4.8%, down from 5% a day ago. The outflows are a single day’s data, and broader price action still depends on macro factors like Federal Reserve policy and regulatory decisions.

Ethereum ETFs saw a $21.8 million outflow on the same day, suggesting the pullback extends beyond Bitcoin. BlackRock’s outsized share of the outflows points to institutional caution rather than retail-driven selling.

## What to watch

For traders, buying YES on Bitcoin reaching $80,000 in April at 14.5¢ pays $1 if it hits, a 6.9x return. That bet requires a return to inflows or a strong bullish catalyst to make sense.

Watch for institutional moves and any SEC regulatory developments that could shift sentiment. Large buy orders from holders like MicroStrategy could also reverse the current direction.

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