Spot Bitcoin ETFs are building momentum as BTC prices recover. Since mid-April, the funds have recorded a steady inflow of capital.
On Wednesday, spot Bitcoin ETFs logged $335.8 million in net inflows, marking a seventh straight day of positive flows, according to Farside.
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Across the full inflow streak, ETFs have attracted about $1.9 billion. That exceeds the previous seven-day period ending in March, when total inflows reached $1.2 billion.
Based on Wallet Pilot, spot Bitcoin ETFs currently hold roughly 1.3 million BTC in assets under management, or about $103 billion.
The renewed demand also tracks BTC price strength. Over the past 30 days, Bitcoin is up 11%. On Wednesday, it briefly traded above $79,000 for the first time since late January, per CoinGecko.
BlackRock Maintains Lead as Morgan Stanley Fund Supports Inflows
During the latest inflow streak, more than 73% of the $1.9 billion added to spot Bitcoin funds came from the iShares Bitcoin Trust ETF (IBIT) managed by BlackRock, totaling about $1.4 billion. IBIT now holds 809,870 BTC, representing 62% of combined U.S. spot Bitcoin ETF assets.
The Morgan Stanley Bitcoin Trust (MSBT) also contributed meaningfully, adding $95 million over the same period. It has not recorded a daily outflow so far, and since launching on April 8, it has raised $163 million.
Daily inflows into spot Bitcoin ETFs since April 14. Source: Farside.co.uk
Not every fund participated in the same way. Over the past seven trading days, some products posted negative flows, with Grayscale Bitcoin Trust ETF (GBTC) leading outflows at roughly $100 million withdrawn.
ETF momentum is appearing beyond Bitcoin as well. Ethereum, the second-largest crypto asset by market capitalization, has also seen sustained inflows: U.S. spot ETH ETFs recorded 10 consecutive days of inflows totaling $633.6 million, according to Farside.
Last week, investment products for ETH posted their best performance since January. Per CoinShares, products moved back into positive inflows after the start of the year.
This renewed risk interest also aligns with a pickup in sentiment. The Crypto Fear & Greed Index rose to 46 for the first time since late January, though conditions remain in the fear zone, with Bitcoin still down about 11% year to date.
Ethereum Attempts Recovery Amid ETF Inflows
Ethereum is still struggling to hold above $2,400. However, steady inflows into spot ETFs suggest that some buyers are returning. The ETH rebound also coincided with Bitcoin recovering to $79,000, and market participants have been watching whether $3,000 is achievable.
Daily net inflows into spot ETH ETFs. Source: SoSoValue
On Wednesday, spot ETFs tied to Ethereum closed their 10th consecutive day of inflows. Over that stretch, funds attracted $633 million in total, indicating a gradual recovery in confidence following a sharp selloff. From January 28 to February 6, ETH fell by 42%, which weighed heavily on broader sentiment.
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The broader downturn also reduced interest in decentralized applications, which has been a particular drag for Ethereum-based investors.
Weekly DApps revenue by blockchain. Source: DefiLlama
On the Ethereum network, DApps revenue fell to $13 million per week in April, about 50% lower than six months earlier. The slowdown has also appeared across other chains, including Solana, BNB Chain, and Hyperliquid.
Total weekly revenue from blockchain applications is now around $73 million. For context, in October 2025, the figure reached $130 million.
Ethereum Holds Its Position in the Race for the DApps Market
Even with local gains, ETH remains down 22% since the start of 2026, while the overall crypto market is down about 14%. That relative underperformance can be viewed as a potential entry point, especially since Ethereum continues to lead in total value locked and expands its share through L2 deployments in the DEX segment.
At the same time, demand for leveraged longs has cooled, falling to a four-month low.
ETH two-month futures premium. Source: Laevitas
The annual premium on ETH futures versus the spot market slipped to 1%, below the neutral level of 4%. This does not automatically imply that major players expect a decline; rather, uncertainty—along with weaker signals from parts of the tech sector—can keep the market cautious.
Corporate news has also fed into risk sentiment. IBM shares fell nearly 10% amid concerns about intensifying AI competition. Meanwhile, Morgan Stanley lowered its price target for Oracle, citing risks tied to higher data center and AI infrastructure costs.
ETH vs. BNB, SOL, and AVAX. Source: TradingView
Further progress for ETH will likely depend on overall risk appetite. Chart behavior suggests Ethereum’s movements often resemble those of major competitors.
Inflow activity into spot ETH ETFs remains a key variable, but it has not yet been enough to confirm a broader breakout. Meanwhile, DApps activity is still subdued, limiting clear recovery signals.
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There are still no clear indicators that ETH is ready to return to $3,000. Still, the Ethereum ecosystem could be positioned to meet demand if interest in decentralized computing recovers.
