On April 6, Bitcoin (BTC) exchange-traded funds (ETFs) in the US recorded a net inflow of $471.32 million, the strongest day since February 25.

Due to this increase, the total cumulative net inflow amounted to $56.43 billion. No ETF had a negative inflow that day: six ETFs recorded zero, and six ETFs ended with a positive result.

Bitcoin ETF inflow clashes with declining on-chain demand

According to data from SoSoValue, BlackRock’s iShares Bitcoin Trust (IBIT) topped the list with $181.89 million, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with $147.32 million and Ark & 21Shares’ ARKB with $118.76 million. Together, these three funds accounted for approximately 95% of the inflow on April 6.

Grayscale’s mini BTC trust added $17.59 million, Bitwise’s BITB generated $3.79 million, and VanEck’s HODL recorded $1.97 million.

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This strong ETF day came against the backdrop of a deteriorating on-chain situation. According to CryptoQuant data, the 30-day visible demand dropped to approximately -87,600 BTC on April 5.

“The situation continues to deteriorate, although Bitcoin still manages to stay within the current range. As long as this dynamic does not improve, Bitcoin will likely struggle to break out of this fairly negative environment,” noted analyst Darkfost.

Wallets with 1,000–10,000 BTC have shifted to net distribution: 1-year holdings went from approximately +200,000 BTC at the peak of 2024 to about -188,000 BTC now. According to the analytics firm, this is one of the most aggressive distribution cycles ever.

Meanwhile, spot Ethereum (ETH) ETFs also received renewed attention. These funds attracted $120.24 million in net inflow on April 6, the highest daily inflow since $138.25 million on March 17. This interrupted a short negative period during which ETH products showed outflows on two previous trading days.

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