Bitcoin ETFs See $471M Inflows as On-Chain Demand Weakens

On April 6, US spot Bitcoin ETFs saw significant inflows totaling $471.32 million, their strongest daily gain since February. This raised the total inflows to about $56.43 billion. None of the twelve available funds experienced outflows; about half showed gains, while the rest remained steady, indicating consistent interest from institutional investors. BlackRock led the way with $181.89 million flowing into its fund, followed by Fidelity with $147.32 million and ARK Investment Management with $118.76 million. Most of the investment still goes to these major issuers, with smaller amounts coming from Grayscale’s mini trust, Bitwise, and VanEck. This highlights how ETFs continue to be a main channel for traditional investors to get exposure to Bitcoin.

Despite this strong ETF activity, on-chain Bitcoin demand has weakened considerably. The 30-day net demand dropped sharply to around -87,600 BTC, one of the lowest seen in recent months. Large holders have also shifted from buying to selling, with their annual net position moving from about 200,000 BTC gained to nearly 188,000 BTC lost. This points to growing selling pressure from major holders. As a result, the market shows a clear split: institutional inflows remain solid while native crypto demand is fading. Bitcoin’s short-term price trend may hinge on whether ETF demand can keep soaking up this increased supply. Meanwhile, Ethereum ETFs attracted renewed interest as well, bringing in $120.24 million—their highest inflow since mid-March.

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