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Bitcoin spot exchange-traded funds (ETFs) extended their strongest inflow run since September, but market sentiment appears more conflicted than the headline inflow figures suggest. U.S. spot Bitcoin ETFs logged a ninth straight day of inflows on April 24, adding $14.45 million and lifting the streak’s total to about $2.1 billion. The nine-day run is the longest uninterrupted stretch since September 2025, reinforcing the view that institutional demand has become steadier, even as broader market signals remain uneven.
Weekly flow data supports the same broad picture of institutional participation, while also highlighting that the nature of the demand may not be purely spot-driven. For the week ending April 24, spot Bitcoin ETFs attracted $823.7 million after consecutive weeks of $996.4 million and $786.3 million, extending a three-week run of strong allocations.
BlackRock’s IBIT led weekly inflows with $983 million, its best week in six months. While that level of inflow can be read as momentum, analysts cited in the article argue that other market indicators are tempering the bullish interpretation.
On-chain and derivatives metrics are described as pushing back against optimism. Ki Young Ju said that apparent on-chain demand remains net negative even as ETFs absorb supply and Strategy continues buying. Illia Otychenko added that open interest has risen alongside price, a pattern he associates with short-covering pressure rather than a spot-led expansion.
The article also notes that since April 13, short liquidations have totaled $2.8 billion, compared with $1.8 billion in long liquidations. That imbalance suggests bearish positions were more heavily forced out during the move.
The combination of sustained ETF inflows and the derivatives signals leaves the market in a “mixed” position: Bitcoin is being supported by institutional money, but not all of that flow may represent broad bullish conviction. The article points to the possibility that some ETF demand reflects cash-and-carry trades, where institutions buy ETF shares while shorting CME futures to capture the spread.
Options-market indicators are also cited as cautionary. The article states that 25-delta skew remains negative and funding rates are near historical lows. These conditions are presented as consistent with a market that has not fully shifted into a spot-accumulation mindset.
As context for the price move, Bitcoin was trading around $77,800 on April 27, up 3.5% on the week. The article concludes that the next leg may depend on whether spot demand fully catches up to the ETF-driven inflows.
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