Bitcoin ETFs grab $917 million flows Wednesday topping $2B for the week

Spot Bitcoin ETFs saw another $917 million in inflows on Apr. 23, extending the previous day’s $912.7 million.

In just two trading sessions, ETF issuers have soaked up more than $1.8 billion, or roughly 19,300 BTC at current prices, erasing the outflow streak that dominated early April.

BlackRock’s IBIT led again, pulling in $634.2 million. Ark’s ARKB added $129.5 million, and Fidelity’s FBTC drew $124.4 million.

The only negative print came from Bitwise’s BITB, which shed $15.2 million, a marginal adjustment after a week of steady inflows.

VanEck’s HODL picked up $5.3 million, while the remaining issuers remained flat.

Grayscale’s GBTC saw no flows for a second straight day, a notable pause after the heavy redemptions it recorded at the beginning of the month.

Spot Bitcoin ETF flows from Apr. 7 to Apr. 23, 2025 (Source: Farside)

The renewed demand appears to be tied to several overlapping catalysts. First, Bitcoin’s break through the $90,000 zone on Apr. 22 ignited momentum trading; the spot price jumped from about $87,500 at Monday’s close to $93,480 by Tuesday’s settlement and printed an intraday high near $94,700 the next day. That rally squeezed shorts and restored confidence, as reported by CryptoSlate.

Macro hedging flows also seem to be picking up after the latest tariff announcements stoked inflation expectations: US breakeven rates are ticking higher and real yields have stalled, making a 0-yield asset with a fixed issuance schedule comparatively appealing.

Leadership is consolidating with IBIT now controlling more than 50% of cumulative inflows and ARKB closing the gap to FBTC.

Should creations persist even at half this pace, ETFs would absorb roughly 50,000 BTC a month, far outstripping miners and forcing the market to rely on secondary sellers.

Outside of the modest Bitwise redemption, no issuer showed net selling on Apr. 23, showing that the tide has flipped back toward accumulation.

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