Spot Bitcoin ETFs See Weekly Inflow of $3.06B, Second-Highest Ever

During the trading week of April 21 to April 25 (ET), spot Bitcoin ETFs achieved a remarkable milestone, recording a net inflow of $3.06 billion. This influx marks the second-highest weekly inflow in the history of these financial instruments, indicating a growing institutional interest in the leading cryptocurrency.

Concurrently, spot Ethereum ETFs experienced eight weeks of net outflows but registered a net inflow of $157 million for the week, signaling a potential shift in investor sentiment toward the second-largest cryptocurrency.

Spot Bitcoin ETF Holds Momentum

Bitcoin is currently exhibiting resilience, buoyed by the sustained momentum of ETF inflows. Whales, characterized by their significant holdings, are demonstrably increasing their Bitcoin positions, and overall social sentiment remains predominantly bullish. However, technical indicators suggest a period of consolidation may be forthcoming, with resistance levels near $95,000.

Ethereum’s situation looks uncertain. After previous drops and failed attempts to break past resistance, traders are watching the $1,800 level. This point could decide where the price goes next. Upcoming network updates offer some hope for the future, but Ethereum’s current price is facing challenges.

On-chain data shows some interesting things. People are buying a lot, and big investors are increasing their holdings. A record percentage of the total Bitcoin supply is now profitable, and more Bitcoin is being moved to cold storage, which suggests investors plan to hold it for a long time.

Technical indicators generally look positive. Market watchers see support levels around $94,000 and targets from $99,000 to as high as $200,000.

Bitcoin spot ETFs saw a total net inflow of $936 million on April 22, marking the third consecutive day with positive inflows. Ethereum spot ETFs together had a net inflow of $38.74 million, with no outflows from any of the nine ETFs.

Bitcoin Price Trajectory

On April 21, BTC ETFs had a net inflow of $381.3 million, followed by $912.7 million on April 22. Both days had a 0% premium or discount, showing stable market conditions and real demand for these ETFs. Over the past few days, the rising inflows show strong investor interest and a generally positive market feeling.

The apex coin hit a high of $108,786 and a low of $67.81. According to CoinGecko data, it is now trading 12.91% below its highest point and 139,622.71% above its lowest price.

Bitcoin’s trading volume over the past day is over $18 billion, an 18.50% increase from the previous day, indicating increased market activity. Its market Cap is over $1 trillion. Nonetheless, Bitcoin’s price has risen 8.10% over the last week, compared to a 9.30% gain for the overall cryptocurrency market.

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