There has been a total inflow of $2.1 billion in spot bitcoin ETFs traded in the USA over the last eight days. This is the longest streak of gains this year, on the heels of a nine-day uninterrupted rise in October 2025. In particular, on April 23 alone, a money flow of 223.2 million dollars occurred. During the course of this day, it was seen that BlackRock IBIT, one of the largest funds in the market, brought a large amount of $ 167.5 million alone, while Fidelity FBTC made the only significant outflow of $ 16.9 million.
Highest volume and market impact
The Bitcoin price increased by approximately 12 percent, from $68,000 to $77,000 during the period when this intense ETF demand began. Cumulative net inflow since the launch of ETFs has reached $58 billion, while total assets have increased to $102 billion. This amount corresponds to 6.5 percent of bitcoin’s total market value.
During this period, long-term investors directed most of the movements in the market, while short-term investors took advantage of price increases to take profits. According to the new report prepared by Glassnode, bitcoin regained the True Market Mean level of $ 78,100 at the beginning of the week. This level represents the average cost of actively traded bitcoins and was previously considered a sign of exits from the bear market.
However, analysts draw attention to the cost average of short-term investors at $ 80,100 as the real critical threshold. The entry price for those who have purchased in the last 155 days is at this level. If the price exceeds here, more than 54 new investors will be able to take a profit position for the first time.
In past cycles, when this band was crossed, most of the short-term investors closed their positions and exited the market, resulting in local peaks. A similar structure is now observed for the second time; In the first attempt, the rise was rejected at this level.
The Glassnode report states that the hourly realized profit of short-term investors increased to 4.4 million dollars. It is reported that before each local summit since the beginning of the year, this indicator has exceeded 1.5 million dollars, and the current data is three times this figure.
Liquidity squeeze and future risks
On the other hand, the fact that funding rates in bitcoin perpetual futures markets are still negative means that those who open short positions are paying off long positions. With the short squeeze last Saturday, bitcoin briefly tested $78,000. However, the price then declined again due to geopolitical tensions in the Middle East.
If ETF interest and demand in futures markets combine, a new squeeze is likely to see bitcoin test $80,000. Permanently exceeding this level will depend on the selling pressure of short-term investors. As in previous cycles, if sales increase, prices may retreat again; Otherwise, new peaks may be seen.
A similar seven-day bullish streak in March ended the same week as the price reached its local peak. In the current process, while large funds, especially BlackRock, are leading, entries and exits are more irregular in other small ETF exporters. Although the structure is not exactly the same, cyclic similarities are striking.
At this point, it continues to be monitored in which direction the ETF-supported demand and the exit liquidity provided to short-term investors will affect the market. The $80,000 resistance stands out as a critical psychological threshold.
