Bitcoin ETFs have recently experienced a series of fluctuations in terms of net inflows and outflows. In mid-April, ETFs saw $76.4 million in net inflows, only to reverse course with $171.1 million of net outflows the following day. However, demand rebounded on April 17 with $106.9 million in inflows, and post-Easter activity on Monday saw a significant increase in inflows totaling $381.3 million across four sessions. This resulted in a total accumulation of $395 million in spot Bitcoin ETFs.
Bitcoin’s price traded in a narrow range around $84,000 throughout the week, closing at $83,639 on April 15 and climbing to $84,883 on April 17. Despite midweek outflows, the market remained stable near $84,400 on April 18, setting the stage for a rally on April 20 and 21. The price jumped from $85,092 on April 20 to $87,506 on April 21, showing resilience in the face of fluctuations in ETF flows.
Investor confidence received a boost from the SEC’s announcement that 72 crypto-related ETF applications are under review, as well as reports that MetaPlanet and Strategy purchased over 6,800 BTC worth nearly $600 million. Federal Reserve Chair Powell’s hints and a softer dollar further supported risk appetite in the market. On April 21, ARK’s ARKB ETF led with $116.1 million in net subscriptions, followed by Fidelity’s FBTC with $87.6 million, and Grayscale’s BTCW securing $36.6 million.
Overall, the recent activity in Bitcoin ETFs reflects a mix of positive and negative sentiments in the market. While there have been significant inflows and outflows in the past week, Bitcoin’s price has remained relatively stable and even showed signs of a rally towards the end of the week. Investor confidence seems to be intact, with several major ETFs seeing sizable net subscriptions. The market continues to respond to various factors, including regulatory announcements and institutional investments, highlighting the dynamic nature of the cryptocurrency landscape.
