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Spot Bitcoin (CRYPTO: BTC) ETFs recorded a total net inflow of $917 million on April 23, marking four consecutive days of positive flows, fueled by macro relief and institutional demand.
Spot Ethereum (CRYPTO: ETH) ETFs saw a net outflow of $23.8 million, per SoSoValue data.
What Happened: BlackRock's (NASDAQ:IBIT) led Bitcoin ETF inflows with $641.1 million, bringing its cumulative inflows to $40.6 billion, while total net assets for Bitcoin ETFs reached $106.3 billion, or 5.72% of Bitcoin's market cap.
For Ethereum, only Grayscale's (NYSE:ETH) ETF saw a $6.4 million inflow.
Total net assets for Ethereum ETFs stood at $5.9 billion, representing 2.74% of Ethereum's market cap.
The broader crypto market cap fell 3.51% to $2.989 trillion, reflecting mixed sentiment across major cryptocurrencies.
What Experts Are Saying: Bitfinex analysts attribute Bitcoin's rally to cooling inflation signals and strong ETF inflows, with the cryptocurrency testing the $94,000 level.
"The market is also reacting to cooling inflation signals and renewed institutional bid, especially as spot volumes pick up," the Bitfinex report states.
They highlight that on-chain flows indicate accumulation rather than distribution, aligning with Bitcoin's relative strength against equities and the dollar.
The report also points to liquidation data, with over $800 million in short positions liquidated in the past 65 hours, fueling Bitcoin's upward momentum.
They also note Bitcoin's rising dominance at 55–56%, reinforcing its store-of-value narrative during periods of macro risk and altcoin corrections.
"If Bitcoin can hold above $89-90k on strong spot volume… the rally likely has legs," Bitfinex analysts concluded.
Price Action: At the time of writing, Bitcoin is trading around $92,500, down 1% on the day.
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