US-listed spot Bitcoin exchange-traded funds (ETFs) recorded their largest single-day capital inflow since January on April 17, as the reopening of a critical Middle Eastern shipping route sparked a broader market rotation into risk assets.
According to SoSoValue data, the 12 products drew approximately $664 million in fresh capital on April 17.
The surge was catalyzed by an announcement from Iran’s foreign minister that the Strait of Hormuz had reopened to commercial shipping for the duration of the ceasefire.
The development, subsequently confirmed by US President Donald Trump, alleviated immediate fears of global energy supply disruptions.
This macroeconomic relief triggered a massive daily allocation into spot Bitcoin ETFs.
BlackRock’s iShares Bitcoin Trust (IBIT) led the pack, absorbing $284 million on Friday alone. Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed with $163.4 million, while the ARK 21Shares Bitcoin ETF (ARKB) took in $117.9 million.
Morgan Stanley’s newly launched MSBT fund also captured $16.6 million during the session, demonstrating early traction for the wealth management giant’s bespoke offering.
Caution remains
Despite the robust headline figures, market analysts remain cautious about the structural integrity of Bitcoin’s current rally.
Ecoinometrics, a digital asset analytics platform, noted that while recent flows indicate active market participation, they lack the compounding momentum indicative of a sustained breakout.
According to the firm, the market’s current environment can be described as “participation without urgency” because the industry is still seeing chunks of outflows.
It explained:
“The daily data is inconsistent. Inflows are interspersed with outflows, and more importantly, we haven’t seen any of the large single-day inflows that typically mark a strong wave of demand. When a rally is backed by conviction, flows will cluster and build momentum. That has not happened yet.”
Considering this, Ecoinometrics concluded that Bitcoin is currently priced exactly in line with its baseline flow levels, with no sign of demand pushing the market beyond that metric.
Unless capital injections accelerate meaningfully and build consistent momentum, analysts warned that any attempt by Bitcoin to sustain a move higher will remain fragile.
Bitcoin ETFs register strongest weekly inflow since January
Meanwhile, the concentrated surge on April 17 marked the asset class’s strongest weekly performance since January.
Supported by the late-week rally, the suite of US ETFs drew in $996 million in total net inflows over the five-day period. Notably, this is the highest weekly intake since the roughly $1.4 billion recorded in early January.
The massive haul effectively salvaged what had begun as a volatile trading week.
The period opened with a $291 million outflow on Monday before momentum shifted, resulting in gains of $411.5 million on Tuesday and $186 million on Wednesday, followed by a modest $26 million on Thursday.
Meanwhile, this marked the third consecutive week of inflow for the products. During this period, the funds have drawn around $1.7 billion in fresh capital.
As of press time, the total net assets across spot Bitcoin ETFs stood at over $101 billion, pushing cumulative net inflows to $57 billion since inception.
