April has proved to be a tough month for the spot bitcoin ETFs. Or at least the toughest month they’ve faced so far; on the whole the new ETFs still remain largely successful.

For starters, we started to see outflows from the new funds. While previously, Grayscale, the trust-converted fund, was the driver of the capital flight from the ETFs, we started to see funds come out of the freshly launched ETFs, as well.

On April 2, we saw $87.5 million pulled from Ark Invest and 21Shares’ ARKB, which is the third largest of the new ETFs by AUM. The ETF saw outflows on April 16-17 and April 25, as well.

Bitwise’s BITB also had two days of outflows this month, but they only totaled to $13.3 million, so overall, very mild relative to the inflows it has had.

The most jarring, perhaps, was …