Bitcoin exchange-traded products recorded around $1 billion in inflows during the week ending April 24, extending a recovery that began after five consecutive weeks of outflows, according to recent data from CoinShares.
Key Takeaways:
- Bitcoin ETFs recorded around $1B in weekly inflows, pushing YTD flows to around $2.4B after reversing a five-week outflow streak.
- Bitcoin rallied 23% since the Iran crisis began in late February, outperforming equities and gold during the period.
- Large bitcoin holders recorded two consecutive weeks of accumulation for the first time since autumn 2025.
The renewed institutional appetite has pushed year-to-date inflows for bitcoin products to around $2.4 billion, with total digital asset products reaching around $2.88 billion, according to CoinShares data thorough mid-April. The reversal coincides with bitcoin’s 23% rally since the Iran crisis escalated in late February. During that period equities declined 3.3% and gold fell nearly 9%.
The performance marks a shift from bitcoin’s historical pattern during geopolitical shocks, when the digital asset typically declined alongside other risk assets, CoinShares noted. Instead, bitcoin has attracted capital during the uncertainty, while traditional safe havens have struggled.
Bitcoin added 4.5% this week alone, even as both gold and equities drifted lower, according to CoinShares. For an asset whose risk profile has long been debated, the current environment is providing a real-time test of its crisis credentials, and the evidence is becoming increasingly compelling, the report noted.
The flow reversal lifted bitcoin-focused products broadly. The CoinShares Bitcoin ETF (BRRR ) surged 15.3% over the past month, according to ETF Database. The fund, which launched in 2024, holds $492.1 million in assets under management and charges a 0.25% expense ratio.
Ethereum Rebounds While Solana Struggles
During the week ending April 17, Ethereum stood out with $203 million in weekly inflows, moving back into net positive territory year to date for the first time in 2026, CoinShares data shows. The improvement represents a reversal from earlier periods, when ethereum lagged bitcoin in relative flow terms.
Solana recorded outflows during that same period, both during the week and over the month, reflecting deteriorating sentiment around the asset, according to the report.
The institutional return to bitcoin follows a major shift in large holder behavior. After selling an estimated $39 billion worth of bitcoin over five months before conflict began in late February, whales have now recorded two consecutive weeks of net inflows for the first time since autumn 2025, according to Matthew Kimmell, investment strategist at CoinShares.
The sustained selling reduced leverage in the market and exhausted much of the motivated selling, meaning fewer investors were left looking to exit positions, Kimmell said. When fresh demand arrived, little supply overhang remained to absorb it, leaving the market positioned to move higher.
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