Bitcoin spot ETFs have recorded net inflows for 9 consecutive days, with cumulative inflows of approximately $2.1 billion

According to data from SoSoValue, on April 24, Bitcoin spot ETFs recorded net inflows for the 9th consecutive trading day, with a single-day inflow of $14.45 million. The cumulative inflows from this sustained period amount to approximately $2.1 billion, setting the longest net inflow record since September 2025. Last week, ETFs saw cumulative inflows of $823.7 million, with BlackRock's IBIT recording a weekly inflow of $983 million, a nearly six-month high.

CryptoQuant founder Ki Young Ju stated that the current Bitcoin market is driven by futures, with open interest continuing to rise. However, apart from ETF inflows and MicroStrategy purchases, on-chain apparent demand remains negative. A chief analyst at CEX.IO pointed out that the recent uptrend has been significantly driven by short covering. Since April 13, total short liquidations have amounted to approximately $2.8 billion, far exceeding the $1.8 billion in long liquidations. Part of the ETF demand may be attributed to basis trading strategies, where investors buy IBIT and short CME futures to capture the spread. This strategy is market-neutral and not purely bullish. Currently, the 25-delta skew in the options market is in negative territory, indicating that investors are paying a premium to seek downside protection.