Spot BTC ETFs see record inflows as April closes
US spot Bitcoin ETFs absorbed a net $2.1B in the final week of April — the third largest weekly inflow on record, and a clean reversal from March.
US spot Bitcoin ETFs took in $2.13B of net new capital in the week ending April 24 — a striking reversal from the modest outflows that defined most of March. According to Farside data, IBIT and FBTC accounted for roughly 78% of the net intake, with smaller funds picking up the remainder.
What changed
Three things lined up at once:
- Macro tailwind: the May FOMC meeting is now widely expected to deliver a first cut, and risk assets across the board re-rated higher into the close of the month.
- Halving narrative: with the supply cut now four full epochs behind us, long-only allocators are revisiting models that had previously been dismissed as priced-in.
- Wirehouse access: two of the four major US wirehouses formally added the leading spot ETFs to their fee-based platforms in mid-April, opening the door to a meaningfully larger pool of advisor-allocated capital.
What it means for the market
Net spot ETF demand is now running close to 2.5x the daily issuance post the 2024 halving. As long as that ratio holds, structural supply absorption is the story — independent of whatever short-term volatility the futures basis throws off.
The next data point to watch is the May 1 13F window, which should give us a much clearer read on which endowments and pensions are actually making allocations versus simply parking cash with their RIAs.