Bitcoin ETF Sees Significant Inflows Amid Market Fluctuations
There’s an interesting dynamic happening with Bitcoin as a $2.1 billion purchase is being funneled through an ETF. At the same time, it appears some investors might be looking to capitalize on this momentum and cash out.
The US Spot Bitcoin ETF has recorded an impressive total inflow of $2.1 billion over eight consecutive days as of April 23rd, according to SoSoValue. This marks the longest inflow streak since Bitcoin reached its all-time high of $126,000 for nine days back in October 2025. On just one day, April 23rd, $223.21 million was added, with BlackRock’s IBIT generating about 75% of that at around $167.49 million. Fidelity’s FBTC only incurred a significant outflow of $16.93 million.
Bitcoin has seen a notable surge, rising from $68,000 to $77,000, a 12% increase, which lines up quite well with the ETF bids. Since the ETF’s launch, cumulative net inflows have reached $58 billion, pushing total assets to $102 billion—this makes up about 6.5% of Bitcoin’s market cap.
But, here’s where things get a bit tricky. A recent report from Glassnode indicated that Bitcoin has just returned to its real market average of $78,100, which reflects the average cost basis of the active supply. This is a significant milestone, being the first time it’s hit this level since mid-January, hinting at a shift from a long-standing bearish phase to potentially more positive market conditions.
Yet, the next hurdle looms large. Short-term holders’ average cost basis sits at $80,100, which represents the entry price for those who’ve jumped in within the last 155 days. Crossing this threshold would benefit more than 54% of recent buyers.
Historically, this level has been where rallying short-term holders cash in to recover their investments. It’s worth mentioning, this is the second time we’re seeing this pattern forming, but the initial structure got broken the last time around.
Glassnode also reported that realized gains for short-term holders have skyrocketed to $4.4 million per hour, significantly above the $1.5 million threshold noted at previous regional tops—current readings are about three times higher.
The situation is a bit specific now. Bitcoin funding remains negative, meaning short positions are covering long ones. Recently, a short squeeze sent Bitcoin up to $78,000 briefly, although a reversal quickly followed.
If there’s another squeeze complemented by ETF interest and spot demand, with Glassnode indicating recovery in offshore markets, we might see a smooth trajectory toward $80,000. It’s uncertain whether this breakthrough will change the distribution among short-term holders or meet the same fate as earlier local tops during this cycle.
Interestingly, a seven-day streak in March coincided with a peak in prices. While IBIT is largely operating independently, other smaller issuers are showing mixed results. The patterns may differ slightly, but they bear a resemblance.
In conclusion, ETF bids are indeed substantial. The liquidity for short-term holders is also tangible. It will be intriguing to see who ultimately prevails when Bitcoin approaches the $80,000 mark.
