On April 24, spot Bitcoin ETFs extended their longest win streak since September, recording a ninth consecutive day of inflows that brought total inflows during the streak to roughly $2.1 billion. For the week ending April 24, spot-Bitcoin ETF inflows totaled $823.7 million, with BlackRock’s IBIT leading weekly inflows at $983 million, and Bitcoin trading near the $80,000 resistance level.
Strategy, as the largest corporate holder of Bitcoin, possesses 818,334 BTC, purchased at an average price of approximately $75,537 per token, amounting to nearly $62 billion invested. Since April 13, market activity has seen significant liquidation events, with short liquidations reaching about $2.8 billion and long liquidations at approximately $1.8 billion, totaling roughly $4.6 billion.
According to expert insights, Bitcoin’s recent rally is predominantly futures-driven, marked by rising open interest. Ki Young Ju, in his commentary, pointed out that the rally’s dynamics included short squeezes and leveraged positions, which amplified price movements, although spot demand persisted in a net negative state despite ongoing ETF inflows. This underscores a potential disconnect between futures market behavior and underlying spot demand, with experts noting that historically, bear markets conclude with recovery in both spot and futures demand.
In the broader cryptocurrency market, significant security risks have emerged, particularly within decentralized finance (DeFi). Notably, the Scallop exploit resulted in the loss of approximately 150,000 SUI, valued at about $142,000. In April alone, DeFi hacks amounted to roughly $623 million, contributing to an overall loss of about $7.72 billion since DeFi’s inception.
Concurrently, the U.S.-listed spot Bitcoin ETFs have witnessed substantial inflows, totaling $2.44 billion this month, highlighting continued investor interest. In the commodities market, oil prices have surpassed significant thresholds, with West Texas Intermediate (WTI) trading above $90 per barrel and Brent crude above $100, adding a complex layer to market dynamics.
Concerns persist regarding leverage in futures trading, which is influencing market behavior and contributing to volatility.
