Bitcoin ETFs Post Longest Inflow Streak Since September

Spot Bitcoin ETFs recorded nine consecutive days of inflows through April 24, bringing the nine-day total to roughly $2.1 billion and marking the longest streak since September 2025. Funds added $14.45 million on April 24, according to SoSoValue. Weekly flows were $823.7 million for the week ending April 24, following $996.4 million and $786.3 million in the two prior weeks. BlackRock’s IBIT led weekly flows with $983 million.

On-chain indicators show net-negative apparent spot demand while futures open interest has risen. CryptoQuant founder Ki Young Ju wrote on Twitter, “Bitcoin is currently futures-driven. Open interest is rising, but on-chain apparent demand remains net negative despite ETF inflows and Saylor buys. Historically, bear markets end when both spot and futures demand recover.”

Liquidation data from CoinGlass shows about $2.8 billion in short liquidations since April 13, compared with about $1.8 billion in long liquidations over the same period.

Illia Otychenko, lead analyst at CEX.IO, commented that recent price moves reflect episodes of short squeezes, noting that rising open interest alongside price suggests leverage contributed to the rally. He also pointed to cash-and-carry trades, in which institutions buy spot ETF shares and short futures to capture the spread; those trades are market-neutral and can offset outright spot buying.

Market indicators show negative funding rates, which implies traders holding futures are generally paying to maintain positions. Options markets show a 25-delta skew between -2% and -5%, indicating buyers are paying a premium for downside protection. Otychenko observed funding rates near historical lows while long-term holders continue to accumulate.

Bitcoin traded near $77,800, down about 0.2% over 24 hours and up roughly 3.5% over the past week, according to CoinGecko. The prediction market Myriad assigns a 75% chance that Bitcoin’s next directional move will reach $84,000 first; a separate short-term poll gives a 42% probability that Bitcoin will close above $78,000 on Monday.

Spot Bitcoin ETFs provide a way for investors to gain exposure to Bitcoin without holding private keys. ETF inflows can reduce available spot supply, but when flows are paired with offsetting futures shorts or executed as cash-and-carry arbitrage, net spot accumulation on exchanges can remain limited.