Spot Bitcoin ETFs in the US experienced inflows exceeding $3 billion this week, marking five consecutive inflow days for the first time in five weeks, turning April’s total inflows to $2.26 billion. Analysts highlight the volatility yet rapid recovery of these funds, while institutions raise bullish forecasts for Bitcoin’s price. Notably, BlackRock’s iShares Bitcoin ETF was awarded “Best New ETF.”
In a significant development, spot Bitcoin exchange-traded funds (ETFs) in the United States gathered over $3 billion in inflows this week. This marks the first complete week of inflows in five weeks. According to data from Farside, on April 25 alone, the 11 spot Bitcoin ETFs attracted $380 million, contributing to a total of about $3.06 billion across five consecutive days of inflows. Prior to this, the ETFs hadn’t seen a full week of inflows since March 21.
It seems that the strong inflow week has turned April positive for the funds, with ETF analyst Eric Balchunas referring to the situation as a “Bitcoin bender.” He highlighted how quickly the flows can shift from low to high volume, suggesting some of this activity might relate to the re-emergence of basis trading. The month has been quite volatile for these funds, with nine of the 18 trading days in April witnessing outflows. However, over the last week, the inflows have lifted net totals for the month to around $2.26 billion.
Additionally, Michael Saylor, founder of Strategy, mentioned at the Bitwise Invest Bitcoin Corporations Investor Day that he believes BlackRock’s iShares Bitcoin ETF will become “the biggest ETF in the world in ten years.” This assertion came on the same day that BlackRock’s iShares Bitcoin ETF (IBIT) was awarded the “Best New ETF” and named Crypto ETP of the Year at the annual ETF.com awards just days before on April 23.
Currently, Bitcoin’s spot price hovers around $95,000, with a trading value of $94,613 noted by CoinMarketCap. This stable price point seems to have institutions bolstering their bullish views on Bitcoin’s future. Notably, ARK Invest recently revised its “bull case” price target for Bitcoin from $1.5 million to $2.4 million by 2030, largely influenced by institutional backing and Bitcoin’s growing reputation as “digital gold.” The asset manager has also increased the “bear” and “base” case targets to $500,000 and $1.2 million, respectively.
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