On Wednesday this week (23rd), Bitcoin successfully broke through the important $90,000 mark after Trump stated he would lower tariffs on China and claimed he intention had no intention of dismissing the Federal Reserve Chairman, reaching a high of $94,779, currently trading at $93,281, with narrow fluctuations in this range.
The key driving force behind this rally is closely related to the strong capital inflow of the US Bitcoin spot ETF. Particularly on April 22nd in the US Eastern time, the Bitcoin ETF had a single-day net inflow of $936 million, a 146% surge from the previous day's $386 million, creating the largest single-day inflow since 17th.
Bitcoin ETF Consecutive Four Days of Net Inflow
According to the latest statistics from Sosovalue, the US Bitcoin spot ETF has had positive capital flow for four consecutive days, with a cumulative inflowof over $1.68 billion. Such massive capital inflow is seen as a clear signal of institutional investors returning to the market, providing solid support for Bitcoin prices.
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However, while the spot market looks optimistic, the Bitcoin derivatives market sends a discordant signal. A notable contradictory phenomenon is that despite significant price increases, the futures market funding rate remains negative (-0.01%).
=">: funding is the fee paid between long and and short parties in futures futures market, negative value means short sellers (believing price will drop) are to long sellers (believing price will rise).
This indicates that even though Bitcoin price rises, most futures traders remain cautious or bearish about short-willing to costs. Additionally, futures open interest total volume increased increased 16% to $67.19 billion (a new since January 24th), showing increased market activity,, but put/call ratio leans bearish, potentially indicating market participants expect potential price correction.
This split between spotETF capital capital inflow and bearish derivatives market sentiment has sparked widespread discussion among market. market. One possible explanation is that while institutions are buying amounts via ETF, actual spot market demand momentum might not be synchronized.
Data shows Bitcoin spot demand decreased about 146K in past month, overall demand momentum at lowest since October 2024, meaning ETF purchases might just partially offset other spot holders' selling,, purchase behavior not fully transmitted to on-chain spot market activity.
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