US-listed Bitcoin (BTC) exchange-traded funds (ETFs) recorded $471.32 million in net inflows on April 6, their strongest single day since February 25.  

The surge lifted total cumulative net inflows to $56.43 billion. Not a single ETF posted negative flows on the day, with six registering zero and six finishing in positive territory.

Bitcoin ETF Inflows Clash With Weakening On-Chain Demand

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

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

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The strong ETF day arrived against a deteriorating on-chain backdrop. CryptoQuant data shows 30-day apparent demand fell to approximately -87,600 BTC by April 5.

“The situation continues to deteriorate, even though Bitcoin is still managing to remain within its current range. As long as this dynamic does not improve, Bitcoin will likely struggle to break out of this rather negative environment,” analyst Darkfost noted.

Wallets holding 1,000–10,000 BTC have flipped to net distribution, with 1-year holdings swinging from roughly +200,000 BTC at the 2024 peak to about -188,000 BTC. The shift represents one of the most aggressive distribution cycles on record, according to the analytics firm.

Meanwhile, spot Ethereum (ETH) ETFs also saw renewed interest. The funds attracted $120.24 million in net inflows on April 6, the highest single-day total since March 17’s $138.25 million. The inflow snapped a short red stretch in which ETH products posted outflows on two previous trading sessions.

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