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United States Bitcoin exchange-traded funds (ETFs) recorded net inflows of $532 million on May 4, reinforcing a pattern of institutional spot buying. In April 2026, institutional accumulation of Bitcoin reached $2.44 billion, while Ethereum ETFs logged a $61.29 million net inflow at the close of Monday’s session, according to CryptoQuant.
CryptoQuant said that the leading cryptocurrency by market capitalization is showing a spot buying flow that is not reflected with the same intensity across other networks. The analysis comes after Bitcoin broke above the $81,000 per unit level during Tuesday’s trading.
CryptoQuant’s documentation indicates that the price recovery seen in April was driven primarily by spot type demand—buyers acquiring the underlying asset for long-term custody rather than relying on leveraged positions in derivatives markets.
The U.S. Bitcoin ETF flows support this view. May 4 marked the third consecutive day of positive inflows into these funds. The source characterizes this as the highest level of institutional buying recorded in the last eight months, describing it as sustained buying pressure that removes supply from exchange platforms.
Ethereum’s ETF inflows, while positive, are described as slower and smaller in scale. CryptoQuant noted that Ethereum ETFs captured $61.29 million in a single day, but the magnitude does not match Bitcoin’s level of institutional demand. The analytics platform said that until sustained spot purchase demand appears in Ether, Bitcoin’s market dominance could remain stable.
CryptoQuant highlighted that the difference between spot demand and leveraged demand matters for price stability. Direct spot purchases reduce inventory available on exchanges, providing structural support. By contrast, buying via futures and perpetual contracts can create more temporary pressure without reducing circulating supply in the same way.
The report pointed to leverage-related volatility on Tuesday, when a trader was forced to close a short position of 700 BTC at a loss of $1.94 million.
CryptoQuant said the likelihood of an extended rally that reaches altcoins depends on a shift in Ethereum’s dynamics. For broader market expansion, the buying trend in Ether ETFs would need to begin resembling the accumulation pattern seen in Bitcoin.
As a near-term indicator, the report emphasized monitoring Ethereum exchange reserves. A decline in these reserves, alongside more consistent ETF inflows, could signal the start of a closing valuation gap relative to each asset’s all-time highs.
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