Bitcoin’s 38% plunge just revealed who has paper hands — and it wasn’t ETF buyers

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 inf…