SPOT BITCOIN ETFS "ON A RUN" SAYS ETF EXPERT
Spot Bitcoin ETFs have attracted $2.4 billion in net inflows over 10 of the past 11 trading days, according to ETF expert Nate Geraci, signaling renewed institutional demand despite BTC remaining well below its October highs.
The thirteen US-listed spot $BTC exchange-traded funds are on a remarkable run, according to leading ETF expert @NateGeraci. The products have recorded net inflows on 10 of the past 11 trading days, pulling in a combined $2.4 billion during the streak.
The pace of capital flowing into Bitcoin ETFs has accelerated sharply in late April. According to CoinDesk, US spot Bitcoin ETFs logged eight consecutive days of inflows totaling $2.10 billion through April 23 alone, with BlackRock's IBIT doing roughly 75% of the heavy lifting on some days. That run represented the longest sustained inflow streak since the nine-day October 2025 surge that carried $BTC to its $126,000 all-time high.
Inflows Persist Despite Deep Drawdown From Highs
Perhaps the most striking aspect of the current streak is that it comes with $BTC still trading nearly 40% below its October peak. Despite that painful drawdown, the thirteen spot Bitcoin ETFs have attracted close to $1 billion in net inflows since the crash — a figure that underscores the conviction of institutional allocators who view lower prices as an accumulation opportunity rather than a reason to exit.
The resilience of ETF demand through a prolonged downturn echoes a pattern seen throughout 2025. BlackRock's IBIT attracted more than $25 billion in net inflows last year even as Bitcoin posted a negative annual return, ranking sixth among all ETFs by inflows. Nate Geraci, president of NovaDius Wealth Management, has previously noted that cumulative outflows since the October crash are statistically insignificant relative to the roughly $56 billion in total net inflows the spot Bitcoin ETF category has attracted since its January 2024 launch.
Institutional Demand Drives the Bid
The current inflow streak coincides with a broader easing in geopolitical tensions following the Trump administration's ceasefire extension, which removed a key source of uncertainty that had kept institutional capital sidelined during the first quarter. Compliance teams at pension funds and family offices typically take one to two weeks to approve new positions after a macro catalyst, which helps explain why ETF flows tend to spike with a lag rather than on the day conditions improve.
BlackRock's IBIT continues to dominate, often absorbing 40% to 60% of total daily net flows. Fidelity's FBTC typically captures the second-largest share. Cumulative net inflows across all spot Bitcoin ETFs since launch now sit at approximately $58 billion, with total assets under management reaching roughly $102 billion — equivalent to around 6.5% of Bitcoin's entire market capitalisation.
Bitcoin ETFs are indeed on a tear, and the data suggests institutional appetite remains robust even in a challenging price environment.
Sources:
CoinDesk — Bitcoin ETFs Pull In $2 Billion in 8 Days
Farside Investors — Bitcoin ETF Flow Data
Phemex — Spot Bitcoin ETFs Hit 5-Day Inflow Streak
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Author
Jon WangJon studied Philosophy at the University of Cambridge and has been researching cryptocurrency full-time since 2019. He started his career managing channels and creating content for Coin Bureau, before transitioning to investment research for venture capital funds, specializing in early-stage crypto investments. Jon has served on the committee for the Blockchain Society at the University of Cambridge and has studied nearly all areas of the blockchain industry, from early stage investments and altcoins, through to the macroeconomic factors influencing the sector.