The US spot Bitcoin ETFs have recorded their first week of positive inflows after 5 consecutive weeks of decline, with total inflow value reaching over 3 billion dollars.
According to Farside data, on April 25, 11 spot Bitcoin ETFs received 380 million dollars in inflows, raising the total weekly inflow to around 3.06 billion dollars, marking 5 consecutive days of Capital inflows. This is the first trading week since the week ending March 21 where all days recorded positive cash flows.
ETF analyst Eric Balchunas stated in a post on X on April 24 that "the ETFs are in a Bitcoin fever".
"The most notable thing is how quickly the cash flow rate has surged," Balchunas noted, predicting that some of these cash flows might be due to "basis trade* coming back into effect".
Amid global macroeconomic and financial instability, spot Bitcoin ETFs have experienced a volatile April, with 9 out of 18 trading days so far being outflow days.
However, a cash inflow explosion in the past week has turned the situation around, bringing the total net inflow in April to around 2.26 billion dollars, making this month a positive milestone for Bitcoin ETFs.
On the same day, Strategy founder Michael Saylor was reported to have spoken at the Bitwise Invest Bitcoin Corporations "Investor Day" event, stating that BlackRock's Bitcoin ETF iShare "will become the world's largest ETF within the next 10 years".
Just two days earlier, on April 23, BlackRock's iShares Bitcoin Trust (IBIT) was honored as the "Best New ETF" at the annual etf.com awards, also receiving the "Crypto ETP of the Year" title.
Meanwhile, Bitcoin's spot price continues to fluctuate around the 95,000 dollar mark, currently trading at 94,641 dollars at the time of writing, according to CoinMarketCap data. Notably, large institutions continue to raise their price targets.
The billion-dollar asset management company ARK Invest recently adjusted its Bitcoin price target from 1.5 million dollars to 2.4 million dollars by the end of 2030. The main reason is the growing institutional investor confidence and acceptance of Bitcoin as "digital gold".
Moreover, ARK's "bearish" and "base" scenarios for Bitcoin price have also increased to 500,000 dollars and 1.2 million dollars.
*Basis trade (also known as cash and carry trade) is a financial trading strategy where investors use the price difference between Bitcoin on different exchanges or between Bitcoin and similar assets to generate profit. Investors can buy Bitcoin on an exchange with a lower price and simultaneously sell Bitcoin on another exchange with a higher price, exploiting the market differences. Or they can buy Bitcoin and simultaneously Short a similar asset, such as Bitcoin Futures Contracts, to take advantage of the price difference.
Disclaimer: The article is for informational purposes only and is not investment advice. Investors should thoroughly research before making decisions. We are not responsible for your investment decisions.
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Dinh Dinh
