U.S. spot Bitcoin ETFs recorded total net outflows of $138 million on April 29, a continuation of the broader risk-off rotation that's weighed on the cohort through late April. The single-day print was headlined by Morgan Stanley's MSBT, which posted the largest net inflow among all Bitcoin spot ETFs at $10.81 million — a notable first for the issuer that only entered the segment this quarter.
Why it matters
MSBT cracking the daily leaderboard is a structural data point, not just a flow number. Morgan Stanley's wealth-management footprint brings a client base the rest of the cohort has had to court fund by fund, and a $10M+ inflow on a net-outflow day is the first proof-of-concept that the issuer can move the needle without BlackRock-level AUM behind it. The read: the spot BTC ETF shelf is widening its buyer base, even on days when existing holders rotate out.
Market impact
Spot Ethereum ETFs weren't spared — total net outflows hit $87.73 million, led by Fidelity's FETH at $48.37 million. ETH spot funds have run a near-mirror image of the BTC cohort through April, and the FETH print confirms that the rotation isn't BTC-specific. With both cohorts bleeding and the dollar bid intact, the tape is signalling de-risking across the institutional layer rather than token-level discrimination.
Frequently asked questions
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How much did spot Bitcoin ETFs bleed on April 29?
U.S. spot Bitcoin ETFs recorded total net outflows of $138 million on April 29, a continuation of the risk-off rotation that has weighed on the cohort through late April.
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Why is Morgan Stanley's MSBT inflow the structural beat?
MSBT posted $10.81M in net inflows — the largest single-day inflow among Bitcoin spot ETFs on a net-outflow day. It's the first proof-of-concept that Morgan Stanley's wealth channel can move the daily leaderboard without BlackRock-scale AUM behind it.
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Which spot Ethereum ETF led the outflows?
Fidelity's FETH led spot Ethereum ETF outflows with $48.37 million on April 29, out of $87.73M in total net outflows for the ETH cohort that day.
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Is the outflow rotation BTC-specific or sector-wide?
Both cohorts bled on April 29 — $138M from BTC spot funds and $87.73M from ETH spot funds — pointing to de-risking across the institutional layer rather than token-level discrimination.
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When did Morgan Stanley launch its spot Bitcoin ETF?
Morgan Stanley entered the spot Bitcoin ETF segment earlier in 2025 and MSBT is the first new issuer this quarter to crack the daily inflow leaderboard.
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