Spot Bitcoin ETFs Post Strongest Day Since Late February as $471 Million Pours In
US-listed Bitcoin (BTC) exchange-traded funds (ETFs) recorded $471.32 million in net inflows on April 6, their strongest single day since February 25.  The surge lifted total cumulative net inflows to $56.43 billion. Not a single ETF posted negative flows on the day, with six registering zero and six finishing in positive territory. Bitcoin ETF Inflows The post Spot Bitcoin ETFs Post Strongest Day Since Late February as $471 Million Pours In appeared first on BeInCrypto .
On April 6, US-listed Bitcoin (BTC) exchange-traded funds (ETFs) experienced their strongest net inflow day since February 25, with a total of $471.32 million pouring in. This surge marked a significant milestone, lifting the cumulative net inflows to a total of $56.43 billion. Remarkably, no single ETF reported negative flows on this day, with six registering zero inflows and six finishing in positive territory. The influx of capital into Bitcoin ETFs came as a stark contrast to the weakening on-chain demand that has been observed in recent weeks.
Among the Bitcoin ETFs, BlackRock's iShares Bitcoin Trust (IBIT) led the charge with $181.89 million in inflows, followed closely by Fidelity's Wise Origin Bitcoin Fund (FBTC) at $147.32 million. Ark & 21Shares' ARKB added $118.76 million, accounting for roughly 95% of the total inflows on April 6. Grayscale's mini BTC trust contributed $17.59 million, Bitwise's BITB added $3.79 million, and VanEck's HODL fund recorded $1.97 million.
Despite the strong performance of Bitcoin ETFs, the on-chain demand for Bitcoin has been deteriorating. According to CryptoQuant data, the 30-day apparent demand fell to approximately -87,600 BTC by April 5. Analyst Darkfost commented, "The situation continues to deteriorate, even though Bitcoin is still managing to remain within its current range. As long as this dynamic does not improve, Bitcoin will likely struggle to break out of this rather negative environment."
The weakening on-chain demand is further evidenced by the behavior of wallets holding 1,000–10,000 BTC, which have flipped to net distribution. Additionally, 1-year holdings have swung from roughly +200,000 BTC at the 2024 peak to about -188,000 BTC. This shift represents one of the most aggressive distribution cycles on record, according to the analytics firm.
Interestingly, spot Ethereum (ETH) ETFs also saw renewed interest on April 6, with a net inflow of $120.24 million. This marked the highest single-day total since March 17, when $138.25 million flowed into ETH products. The inflow ended a short red streak during which ETH ETFs had posted outflows on two previous trading sessions.
In summary, the Bitcoin ETF market experienced a significant influx of capital on April 6, reaching its strongest single day since late February. However, this growth came against a backdrop of deteriorating on-chain demand, raising questions about the sustainability of the current market dynamics. Meanwhile, Ethereum ETFs also witnessed renewed interest, with substantial inflows recorded on the same day. As the market continues to evolve, investors will be closely monitoring both the performance of ETFs and the underlying on-chain trends to gauge the direction of the cryptocurrency market.
