Bitcoin ETFs Post Record April Inflows Before $277M Outflow as BTC Hovers Near $80K

9 May, 2026   /   11 reads   /   Tags:  the , bitcoin , and , billion , in

According to data from SoSoValue and Farside Investors, spot Bitcoin ETFs attracted approximately $1.97 billion in April — the best monthly total since November and a sharp rebound from softer flows earlier in the year. BlackRock’s iShares Bitcoin Trust (IBIT) dominated the inflows, pulling in roughly $2 billion and more than offsetting continued redemptions from Grayscale’s GBTC, which shed about $280 million.

Recent Volatility Tests ETF Resilience

The positive streak extended into early May with nearly $1.7 billion in inflows over five consecutive days. However, on May 7, the category recorded $277.5 million in net outflows, snapping the run as Bitcoin dipped below $80,000. Fidelity’s FBTC led outflows with $129 million, followed by BlackRock’s IBIT at $98 million.

Despite the daily reversal, broader institutional interest remains robust. Ethereum ETFs also turned positive in April with $356 million, contributing to total crypto ETF inflows exceeding $2.3 billion for the month.

JPMorgan: Bitcoin Displacing Gold in Debasement Hedge

In a notable shift highlighted by JPMorgan analysts, Bitcoin is increasingly taking gold’s traditional role as a hedge against fiat currency debasement. While Bitcoin ETFs have posted inflows for three straight months through May, gold ETFs continue to recover from March outflows tied to geopolitical tensions.

This divergence became evident during the early Iran conflict period, when Bitcoin rose approximately 11% while gold and the S&P 500 declined. JPMorgan notes that institutional adoption through ETFs and corporate treasuries is driving structural demand for Bitcoin as a strategic long-term allocation.

MicroStrategy has accelerated its Bitcoin accumulation, adding 145,834 BTC year-to-date worth roughly $11 billion. At the current pace, the company could purchase around $30 billion in Bitcoin for the full year — surpassing previous years. The firm now holds over 818,000 BTC.

Market Context and Outlook

Bitcoin has shown resilience, gaining about 11-12% over the past 30 days despite intraday volatility. The asset briefly surpassed $82,000 before pulling back. Analysts point to reduced spot supply on exchanges due to ETF and corporate buying as a key supportive factor.

Contrasting views persist on Wall Street. While JPMorgan sees Bitcoin gaining ground on gold, Goldman Sachs maintains a bullish stance on the yellow metal with a $5,400 year-end price target, citing central bank demand and lower volatility.