As a researcher tracking the market, I observed a shift yesterday with the BlackRock iShares Bitcoin Trust (IBIT). Unlike the previous nine days, we didn’t see any new money flowing into IBIT, and overall, US Bitcoin spot ETFs experienced a net outflow of $263 million. This ended a consistent nine-day period of inflows.
This change in direction comes at a critical time for the biggest Bitcoin exchange-traded fund (ETF). The IBIT ETF hasn’t seen much change in investment over the past six months, and investor interest seems to be waning, despite Bitcoin’s recent strong performance.
Nine-Day Bitcoin ETF Streak Comes to an End
As a researcher tracking these funds, I’ve observed a shift in the market. On April 27th, US Bitcoin spot ETFs experienced net outflows, totaling $263 million. This ended a nine-day streak of consistent inflows. Looking at the previous week, these same funds had actually seen around $767 million flow in.
The BlackRock IBIT fund didn’t contribute to the recent price drop, but it hasn’t seen much growth in investment over the last six months. This lack of new money coming in is happening while Bitcoin remains below the important $80,000 price point.
ETHB Bucks the Ethereum ETF Trend
As a researcher tracking the market, I observed a significant outflow of funds from US Ethereum spot ETFs yesterday. Collectively, these ETFs experienced losses totaling $50.48 million, with nearly all funds in this category reporting withdrawals.
BlackRock’s Staked ETH ETF (ETHB) was the only ETF in its category to see new money coming in. This indicates that investors might be leaning towards staked Ethereum over simply holding it, likely because Ethereum is offering higher returns right now.
What the Mixed Signals Mean for Spot Crypto Funds
Solana (SOL) ETFs experienced a slight outflow of $1.21 million, even though they performed well overall for the week. Bitcoin (BTC) ETFs, however, continued to see positive inflows, totaling $283 million over the past seven days.
Here’s a quick update on ETF flows as of April 28th: Bitcoin ETFs saw a one-day outflow of $202.41 million (2,663 BTC) but a positive flow of $283.18 million (3,725 BTC) over the past week. Ethereum ETFs experienced outflows of $62.23 million (27,316 ETH) in the last day and $47.12 million (20,683 ETH) over the week. Solana ETFs had a one-day outflow of $1.21 million (14,488 SOL), but a positive flow of 88,231 SOL over the past seven days.
— Lookonchain (@lookonchain) April 28, 2026
BlackRock sees the lack of activity in its Bitcoin fund (IBIT) compared to the small inflow into its Ethereum fund (ETHB) as a sign of where large investors are now directing their money.
As the second quarter ends, investors seem to be choosing investments that offer returns, like bonds or interest-earning accounts, rather than simply holding Bitcoin.
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2026-04-30 05:26