Spot Bitcoin exchange-traded funds (ETF) in the United States saw over $3 billion in inflows this week, marking the first full week of consecutive inflows in five weeks.
On April 25, the 11 spot Bitcoin (BTC) ETFs saw $380 million in inflows, bringing the total for the week to around $3.06 billion over five consecutive inflow days, according to Farside data. The last time spot Bitcoin ETFs had a full week of inflow days was the week ending March 21.
Strong inflow week turns April into positive month
ETF analyst Eric Balchunas said in an April 24 X post that “ETFs are on a Bitcoin bender.”
“What’s really notable here is just HOW FAST the flows can go from 1st gear to 5th gear,” Balchunas said, forecasting that some of those flows may be due to the “basis trade back in effect.”
Amid ongoing financial and macroeconomic uncertainty, spot Bitcoin ETFs have experienced a volatile April, with nine out of the total 18 trading days so far being outflow days.
However, a strong surge of inflows over the past week has turned the month positive, bringing total net inflows for April to approximately $2.26 billion.
On the same day, Strategy founder Michael Saylor reportedly said at the Bitwise Invest Bitcoin Corporations Investor Day that BlackRock’s iShare Bitcoin ETF “will be “the biggest ETF in the world in ten years.”
Related: 5 Bitcoin charts predicting BTC price rally toward $100K by May
Just two days prior, on April 23, BlackRock’s iShare Bitcoin ETF (IBIT) was awarded the “Best New ETF” at the annual etf.com ETF awards. IBIT was also the recipient of Crypto ETP of the year.
Meanwhile, Bitcoin’s spot price continues to hover around the $95,000 price level, currently trading at $94,613 at the time of publication, according to CoinMarketCap data. Institutions are continuing to raise their bullish price targets.
Billion-dollar asset manager ARK Invest recently raised its “bull case” Bitcoin price target from $1.5 million to $2.4 million by the end of 2030, driven largely by institutional investors and Bitcoin’s increasing acceptance as “digital gold.”
ARK’s “bear” and “base” case scenarios for the price of Bitcoin were also bumped up to $500,000 and $1.2 million.
Magazine: Pokémon on Sui rumors, Polymarket bets on Filipino Pope: Asia Express