U.S. spot Bitcoin ETFs have extended their inflow streak into late April, recording nine consecutive days of net positive flows from April 14 to April 24, totaling approximately $2.12 billion. The strongest single-day inflow occurred on April 17 with $663.91 million, followed by $411.50 million on April 14 and $335.82 million on April 22. The weakest day in the streak saw only $14.45 million in net inflows. Among issuers, BlackRock's IBIT led with $22.88 million in inflows on the most recent session, while Fidelity's FBTC experienced $1.69 million in outflows. Bitwise's BITB and ARK 21Shares' ARKB also saw withdrawals of $8.85 million and $9.02 million, respectively. Flows into Grayscale's GBTC remained largely flat.
This nine-day streak marks the first sustained run of this length since October, when inflows accelerated sharply. During that period, ETFs recorded $1.21 billion in a single day on Oct. 6 and $875.6 million on Oct. 7, highlighting stronger peak demand but less consistency. The current April trend stands out for its stability rather than scale, with steady daily allocations instead of short bursts of large inflows. Bitcoin's price has risen alongside inflows, trading around $77,516, up 10.73% over the past month, though still roughly 35% below its previous record high.
The cumulative net inflows for spot Bitcoin ETFs in 2026 have reached $58.23 billion, despite Bitcoin trading well below its peak. ETF analyst Nate Geraci noted, "ETF investors proving to be longer-term allocators." This behavior suggests a more stable investor base with reduced sensitivity to short-term volatility.
Spot Ether ETFs also recorded a strong run with nine consecutive days of inflows from April 14 to April 22, ending with $75.94 million in net outflows on April 23. The strongest inflow during that period was $127.49 million on April 17.
In a significant milestone, the dollar value of open interest in BlackRock's IBIT options on Nasdaq reached $27.61 billion on Friday, slightly surpassing Deribit's $26.90 billion in bitcoin options. This marks the first time a regulated U.S. product has overtaken the leading offshore derivatives exchange in options scale. Deribit's Global Head of Retail Sales and Business, Sidrah Fariq, said, "US retail can't onboard platforms like Deribit, so iShares Bitcoin Trust (IBIT) options give them direct access to regulated leverage and options exposure."
According to Volmex, the bulk of IBIT call option open interest points to expectations of an ETF rally to levels equivalent to Bitcoin trading at $109,709, roughly 41% higher than the current market price. Positioning in Deribit options suggests expectations of a rally to $106,000. IBIT options have longer-dated expiries (October 2026 on average) compared to Deribit (August 2026), reflecting longer-horizon ETF investors. Additionally, IBIT's implied volatility is higher than Deribit's, attributed to ETF holders buying put options as their only available hedge since they cannot easily short Bitcoin directly.
