TLDR
- Bitcoin ETFs saw $381 million in net inflows on April 21, the largest single-day inflow in three months
- Ark Invest and 21Shares’ ARKB led with $116.13 million, followed by Fidelity’s FBTC with $87.61 million
- The surge signals renewed institutional confidence after weeks of subdued ETF activity
- Bitcoin’s futures open interest rose 5% to $58.46 billion, indicating growing market participation
- Positive funding rates and options data suggest bullish sentiment among institutional investors
Bitcoin ETFs have just experienced their biggest single-day inflow in nearly three months, with over $381 million flowing into these investment vehicles on April 21. This marks a turning point for institutional investment in Bitcoin after weeks of relatively quiet activity.
The last time Bitcoin ETFs saw such high inflows was on January 30, when they recorded $588.1 million in a single day. That peak occurred shortly after Bitcoin reached its high of over $100,000.
Monday’s strong showing was led by Ark Invest and 21Shares’ ETF (ARKB), which pulled in $116.13 million. This latest injection brings ARKB’s total assets to $2.6 billion since its launch.
Fidelity’s Bitcoin ETF (FBTC) took second place with $87.61 million in new investments. FBTC has now accumulated an impressive $11.37 billion in total net inflows since its inception.
Market Indicators Point to Growing Optimism
The revival in ETF interest coincides with several positive indicators in the broader Bitcoin market. Bitcoin’s price has shown resilience, gaining about 1% over the 24-hour period.
More telling is the futures open interest, which increased by 5% to reach $58.46 billion. This metric measures the total number of outstanding derivative contracts that haven’t been settled.
When open interest rises alongside price, it typically suggests new money entering the market. This combination is often viewed as a bullish signal by market analysts.
The funding rate for Bitcoin futures stands at a positive 0.0068%. This means that traders in long positions (betting on price increases) are paying those in short positions (betting on price decreases).
A positive funding rate suggests more traders expect Bitcoin’s price to rise in the near term. This aligns with the overall bullish sentiment visible in the market’s behavior.
Options Market Reflects Bullish Bias
Further supporting this outlook is the current put-to-call ratio in the Bitcoin options market. According to Deribit data, this ratio sits at 0.71.
This lower ratio indicates that traders are buying more call options (bets on price increases) than put options (bets on price decreases). This imbalance typically reflects positive expectations for future price movement.
The preference for call options over puts provides another piece of evidence pointing to growing investor confidence in Bitcoin’s upward trajectory.
Market Resilience Amid Broader Economic Concerns
The surge in Bitcoin ETF inflows comes despite recent economic headwinds. U.S. stock markets closed in the red on April 21, with major indexes like the S&P 500, Nasdaq, and Dow Jones all dropping by approximately 2.5%.
Bitcoin’s strong performance contrasts with these traditional market losses. The cryptocurrency has maintained gains made over the recent long weekend, when U.S. markets were closed for Good Friday.
While U.S. equity markets struggled, the total crypto market capitalization climbed by $800 billion over the three-day break to reach $2.84 trillion. Bitcoin’s market value has exceeded $1.75 trillion for the first time since March 22.
Bitcoin’s price reached a four-week high above $88,500, showing strength at a time when traditional markets faced selling pressure. This divergence may be attracting institutional investors looking for alternative assets.
The renewed ETF interest follows a period of uncertainty related to U.S. President Donald Trump’s trade war threats. Bitcoin had fallen below $100,000 in early February and hit a 2025 low of $74,773 on April 7, days after Trump announced tariffs on imports from every country.
While some ETF providers saw no activity on April 21, most recorded positive flows. BlackRock’s iShares Bitcoin Trust ETF (IBIT), the largest by assets under management, saw net inflows of $41.6 million.
Grayscale’s Bitcoin Trust (GBTC) and its Bitcoin Mini Trust ETF (BTC) together brought in $69.1 million on the same day. The Invesco Galaxy Bitcoin ETF (BTCO) and WisdomTree Bitcoin Fund (BTCW) reported no inflows or outflows.
