Emre Yumlu 
After two consecutive weeks of outflows, U.S. spot Bitcoin ETFs finally recorded net inflows, marking a turnaround as Bitcoin surged past $85,000. The shift in sentiment appears to be tied to rising expectations of monetary easing, fueled by former President Donald Trump’s remarks about removing Federal Reserve Chair Jerome Powell.
Over $15 Million Flows Back Into Bitcoin ETFs
According to data from SoSoValue, 12 spot Bitcoin ETFs attracted $15.85 million in net inflows over the week. This comes as a relief after investors pulled $886 million during the previous two weeks, reflecting renewed confidence in crypto-based investment products.
The week played out with notable swings:
-
Monday saw modest inflows of $1.47 million,
-
Tuesday brought a stronger $76.42 million,
-
Wednesday registered a sharp $169.87 million outflow,
-
But Thursday reversed the trend with a $107.83 million inflow.
BlackRock and Bitwise Take the Lead
The bulk of capital went into BlackRock’s IBIT, which secured $186.5 million, while Bitwise’s BITB followed with $23.8 million. Smaller gains were also noted in ETFs from Grayscale, Invesco, Franklin, and VanEck, which collectively drew in around $26.3 million.
However, the gains were partly offset by major outflows from Fidelity’s FBTC (-$174.9 million) and ARK’s ARKB (-$99.8 million), underlining the mixed investor mood across different issuers.
Ethereum ETFs Extend Losing Streak
The situation is bleaker for Ethereum. ETH-based ETFs posted $32.17 million in weekly outflows, extending their eighth consecutive week of losses. Since the start of this downturn, investors have withdrawn close to $910 million, indicating persistent caution around Ethereum products.
Trump vs. Powell Tensions Stir Market Volatility
A significant driver of the week’s volatility was the ongoing rift between Trump and Powell. Speaking in Chicago on April 16, Powell stressed the Fed’s cautious stance on rate cuts and flagged Trump’s proposed tariffs as a risk to inflation and employment — remarks that seemingly contributed to Wednesday’s ETF outflows.
Markets regained footing on Thursday after Trump escalated his criticism, declaring Powell’s “termination can’t come fast enough.” Reports surfaced suggesting Trump might consider appointing Kevin Warsh, a former Fed official with a pro-crypto stance, as a replacement.
Bitcoin Breaks $87K, Tracks Toward ATH
Following the political drama, Bitcoin rallied 3% early Monday, breaking above $87,600. This move erased earlier April losses and lifted BTC over 16% from its recent bottom near $75K.
Currently, Bitcoin is just 20% below its all-time high, and market sentiment is showing signs of renewed bullishness.
BTC and Gold Move in Sync
Another key trend is Bitcoin’s correlation with gold, as both assets are gaining amid global uncertainty and a weakening U.S. dollar. The U.S. Dollar Index has dropped by 10% year-to-date, adding fuel to the flight toward alternative stores of value.
According to an April 21 post from Geiger Capital, Bitcoin may be entering a new bullish phase, having broken out of a falling wedge pattern that’s been forming since early 2024 — a technical signal often seen as a precursor to continued upward momentum.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.