US spot Bitcoin ETFs recorded eight consecutive days of inflows totaling $2.1 billion through April 23, marking the strongest streak since October 2025. Total ETF inflows since launch now stand at $58 billion, with combined assets reaching $102 billion, about 6.5% of Bitcoin’s market cap. BlackRock’s IBIT dominated inflows, contributing roughly $167 million in a single day, while Fidelity’s FBTC posted small outflows.
Bitcoin climbed from $68,000 to $77,000 during this period, gaining about 12% as institutional demand increased. The pattern mirrors previous ETF-driven rallies that coincided with sharp price expansions.
On-Chain Levels Show Rising Distribution Risk
Glassnode data highlights Bitcoin reclaiming its True Market Mean at $78,100, a level often linked to shifts toward stronger market structure. However, the next major resistance is the Short Term Holder Cost Basis at $80,100, where more than half of recent buyers move into profit.
Historically, this zone has triggered local tops as short-term holders sell into strength. Realized profit for short-term holders has surged to $4.4 million per hour, nearly three times the $1.5 million level that previously marked peak formations this year.
Market Structure and Derivatives Signal Mixed Sentiment
Perpetual futures funding remains negative, showing continued short positioning even as ETF inflows absorb supply. A recent short squeeze briefly pushed Bitcoin near $78,000 before reversing.
The setup suggests ETF demand is strong, but increasing short-term holder selling near $80K may determine whether the rally continues or faces another distribution phase.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.