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ETF Inflows Surge
US spot Bitcoin ETFs recorded their largest single-day inflows since late February, pulling in $471 million.
“U.S. spot bitcoin ETFs saw about $471 million in net inflows on April 6, their strongest daily intake in more than a month”
BlackRock's IBIT led with roughly $182 million, followed by Fidelity's FBTC with approximately $147 million.
These two products accounted for about 70% of the total inflows.
Bitcoin traded around $68,780 as ETF demand helped offset weak spot buying.
US spot Bitcoin ETFs now hold approximately $90 billion in total assets.
ETF Demand Anchors Price
Robust ETF demand proved critical in anchoring Bitcoin's price.
Bitcoin continued to stall below $70,000, with weak spot demand and large holder distribution.
ETFs increasingly offset that pressure, acting as a primary source of marginal buying.
New research suggests Bitcoin has shifted from lagging to leading global monetary policy.
Markets priced a 98% probability that the Fed will hold rates steady.
Mixed ETF Signals
The broader crypto ETF landscape showed mixed signals.
“Ether ETFs recorded outflows of $42.15 million, led by BlackRock's ETHA”
Ether ETFs recorded outflows of $42.15 million.
Solana and XRP ETFs also fell during a shortened trading week.
Crypto ETFs swung between inflows and outflows with little coherence.
Bitcoin finished the week higher but without conviction.