Key Points
- U.S. Spot Bitcoin ETFs have recorded $2.1 billion in inflows in eight days, pushing the price up by 12%.
- Bitcoin price is reaching key on-chain levels around $78,100 and $80,100 that have previously marked local tops.
According to SoSoValue, U.S. Bitcoin ETFs have logged eight straight days of inflows. The ETFs inflow totaled to $2.1 billion through April 23, making this the longest streak since the nine-day October 2025 period in which Bitcoin reached its all-time high of $126k. The surge in institutional demand has helped push Bitcoin’s price from $68k to $77k, reflecting a 12% gain during the period.
The cumulative ETF net inflows since launch are now $58 .55 billion, while total assets are at $102.79 billion. This is the 6.59% of Bitcoin’s market capitalization.
BlackRock Dominates Institutional Inflows
As per the data from SoSoValue, BlackRock's iShares Bitcoin Trust (IBIT) accounted for the majority of the inflows, contributing $167 million on April 23 alone. Meanwhile, Fidelity Investments’ FBTC was the only major fund to record outflows, totaling nearly $16.93 million. Despite the strong inflow trend, on-chain data suggests a more cautious outlook.
Analytics from Glassnode reports that Bitcoin has recently reclaimed its True Market Mean at $78,100, a level often associated with a transition towards bullish sentiment. This is the first time this level has been reclaimed since mid-January. However, the next level is the problem.
The Short-Term Holder Cost Basis is $80,100, which is the average entry price for anyone who bought in the last 155 days. A move above it would push more than 54% of recent buyers into profit. Historically, this level has triggered selling pressure, as recent buyers exit positions once they break even.
Current Glassnode data indicate that realized profits among short-term holders have surged to $4.4 million per hour. The $1.5 million threshold has preceded every local top year-to-date. The current reading is three times that. While ETF-driven demand remains strong, analysts warn that continued upward momentum will depend on whether Bitcoin can break above $80k without triggering widespread profit-taking.
