Inflows into Bitcoin ETFs climb to February highs

Bitcoin traded near $68,780 on Tuesday, supported by a renewed surge in U.S. spot Bitcoin ETF inflows, which reached their highest level in over a month.

According to SoSoValue data, ETFs pulled in a combined $471 million on April 6. This marks the largest daily inflow since Feb. 25 and ranks as the sixth-largest inflow day of the year. Despite the strong showing, flows remain below January’s peak stretch, when several sessions surpassed $700 million.

The rebound in ETF demand comes as Bitcoin continues to face resistance below the $70,000 level. Spot market activity has remained subdued, while ongoing selling from large holders has weighed on price momentum. In this environment, ETF inflows have played an increasingly important role, acting as a key source of marginal demand.

Macro conditions, meanwhile, offer little immediate catalyst. Polymarket data indicates markets are pricing in a 98% likelihood that the Federal Reserve will leave interest rates unchanged at its upcoming April meeting, with expectations for policy shifts remaining limited in the near term.

More structurally, Bitcoin’s interaction with global liquidity trends appears to be undergoing a shift, with ETFs influencing not only the magnitude of flows but also their timing.

Research from Binance points to a sharp reversal in Bitcoin’s correlation with its Global Easing Breadth Index, which monitors policy direction across 41 central banks. Since 2024—the year U.S. spot Bitcoin ETFs gained approval—the correlation has turned strongly negative. Prior to that, Bitcoin typically lagged global easing cycles. That pattern has now flipped, with the inverse relationship growing nearly three times stronger.

The shift highlights a changing market structure. Retail investors once dominated marginal pricing and tended to react to macro developments after they occurred. Now, institutional flows via ETFs are increasingly anticipatory, positioning ahead of expected policy changes.

“BTC may have evolved from a macro ‘lagging receiver’ to a ‘leading pricer,’” Binance Research said.

As ETF inflows continue to absorb supply and stabilize prices, Bitcoin may be transitioning into a more forward-looking asset—one that prices in central bank policy shifts ahead of traditional markets, rather than responding to them after the fact.