La chute de 38 % du Bitcoin vient de révéler qui a les mains en papier – et ce n’étaient pas les acheteurs d’ETF
Burns Brief
Le retrait de mars et avril 2026 a des conséquences structurelles, dans la mesure où les détenteurs d’ETF Bitcoin sont restés stables. Les acteurs du marché évaluent soigneusement les implications, le résultat dépendant probablement des conditions macroéconomiques et du volume plus larges. Surveillez la réaction de $ BTC $ NEAR – un mouvement décisif au-dessus ou en dessous des niveaux clés confirmera la prochaine tendance.
The March and April 2026 drawdown has structural consequences, as Bitcoin ETF holders stayed steady. Bitcoin sits near $78,000, roughly 38% below the $125,761 peak from Oct. 6, and US spot Bitcoin ETFs pulled in $1.32 billion in March, reversing a four-month outflow streak. Then, the ETFs added another $2.42 billion in net inflows between Apr. 6 and Apr. 22. The strongest days were Apr. 17, with $663.9 million in inflows , and Apr. 22, with $335.8 million in inflows. Gemini's coin-level data show that ETF-held Bitcoin fell only from 1.38 million BTC at the October 2025 high to 1.28 million at the trough, then recovered quickly to 1.31 million. Related Reading US Bitcoin ETFs pull in $664M in largest daily inflow since January, because Iran reopened Hormuz for a few hours The Strait of Hormuz reopening eased energy shock fears and triggered institutional rotation into Bitcoin exposure. Apr 18, 2026 · Oluwapelumi Adejumo During an interview with Crypto Prime, Bloomberg senior ETF analyst Eric Balchunas said that during a 20% drawdown, ETFs logged outflows of under $1 billion , roughly 99.5% of their assets. This happened during a genuinely hostile macro window. Nasdaq's March update showed a 21% decline in the total digital asset market cap across the first quarter, while the Nasdaq-100 fell 4.9% and the S&P 500 fell 5.1%. ETF holders absorbed all of that without producing the exit wave skeptics had forecast. Balchunas argued that the selling pressure came from longer-tenured crypto holders, saying that the call was “coming from inside the house.” The ETF analyst's interpretation fits the flow data, as net ETF buying held through a historically steep drawdown while something else pushed the price lower. US spot Bitcoin ETF inflows held positive through the March–April 2026 drawdown even as Bitcoin fell roughly 38% from its October 2025 peak. A different kind of buyer The ETF wrapper places Bitcoin inside model portfolios, advisor guardrails, committee-approved positio
Key Takeaways
- The March and April 2026 drawdown has structural consequences, as Bitcoin ETF holders stayed steady
- Bitcoin sits near $78,000, roughly 38% below the $125,761 peak from Oct
- 32 billion in March, reversing a four-month outflow streak
- Gemini's coin-level data show that ETF-held Bitcoin fell only from 1
- 28 million at the trough, then recovered quickly to 1