Bitcoin ETFs Draw $2.1 Billion Over 9 Straight Sessions, but On-Chain Demand Remains Weak

Spot Bitcoin ETFs continue to attract inflows, but on-chain demand has yet to recover, Decrypt reported.

As of April 24, spot Bitcoin ETFs had posted net inflows for nine consecutive trading sessions, drawing about $2.1 billion in total, according to the crypto-focused media outlet. It said the streak was the longest since September 2025.

Institutional demand also stayed firm on a weekly basis. Over the past three weeks, the funds drew about $823.7 million, $996.4 million and $786.3 million, respectively. BlackRock's IBIT posted $983 million in weekly inflows, its highest level in six months.

On-chain indicators, however, painted a different picture. CryptoQuant Chief Executive Officer Ki Young Ju wrote that Bitcoin remains in a futures-led market, with apparent on-chain demand still in net decline even as open interest increases.

The influence of the derivatives market is also evident. Since April 13, short liquidations have reached about $2.8 billion, far exceeding roughly $1.8 billion in long liquidations. That suggests the recent advance may have been driven in part by a short squeeze rather than spot demand.

Some investors also caution against reading all ETF inflows as a bullish signal. Some institutions may be using a cash-and-carry strategy that combines spot ETF purchases with futures sales, meaning some of the flows could reflect market-neutral trades unrelated to price direction.

Decrypt said the current upswing may have limited durability unless on-chain demand and spot buying rise together.