Spot Bitcoin ETFs are experiencing a brief respite from the relentless outflows seen in April so far.
On April 15, the ETFs saw $76.4 million in net inflows, only to reverse course with $171.1 million of net outflows on April 16. However, demand rebounded on April 17, drawing $106.9 million into the funds with no outflows.
With no trading on Good Friday, post-Easter activity boomed on Monday, with $381.3 million in inflows. Across those four sessions, spot Bitcoin ETFs accumulated $395 million.
Bitcoin’s price traded in a tight range around $84,000 through midweek, closing at $83,639 on April 15 and climbing to $84,883 on April 17. The midweek outflows failed to knock Bitcoin off its path, and the market steadied near $84,400 on April 18. That stability set the stage for Monday’s rally, when the price jumped from $85,092 on April 20 to $87,506 on April 21.
Investor confidence received a boost from the SEC’s announcement that 72 crypto-related ETF applications are under review and from reports that MetaPlanet and Strategy purchased more than 6,800 BTC worth nearly $600 million.
Hints from Federal Reserve Chair Powell and a softer dollar further supported risk appetite. On April 21, ARK’s ARKB ETF led with $116.1 million of net subscriptions, Fidelity’s FBTC added $87.6 million, and Grayscale’s BTCW secured $36.6 million.
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