US spot bitcoin exchange-traded funds (ETFs) recorded their strongest weekly inflows since mid-January, extending a three-week streak of positive momentum as improving risk appetite and geopolitical developments drove institutional activity.
ETF inflows hit multi-month highs
According to data from SoSoValue, spot bitcoin ETFs drew in $996.4 million in net inflows last week, marking the largest weekly total since the week ended Jan. 16.
Over the past three weeks, cumulative inflows have surpassed $1.8 billion, underscoring a sustained resurgence in investor demand.
The inflows were led by BlackRock’s IBIT, the largest bitcoin ETF by net assets, which attracted $906 million during the period. Meanwhile, Morgan Stanley’s newly launched MSBT, which began trading on April 8, posted a weekly net inflow of $71 million in its first full week.
Spot Ethereum ETFs also mirrored the trend, registering $275.8 million in inflows — their highest weekly total since Jan. 16.
Market data further highlighted the scale of institutional accumulation. More than 25,000 BTC flowed into ETFs over five trading days, with UK-based Farside Investors reporting over $660 million in net inflows on Friday alone — the largest single-day figure since January.
Crypto analytics firm CryptoQuant noted the significance of the recent buying activity:
“The latest accumulations by spot ETF firms are significant, as the last time they posted a figure this close was in April 2025, when they added 23,900 units,” CryptoQuant noted in a “QuickTake” blog post on the topic.
Geopolitics shapes institutional sentiment
Market participants have linked the surge in inflows to shifting geopolitical expectations, particularly around US-Iran relations.
“Institutional investors believe a permanent de-escalation in tensions between the US and Iran is imminent, and are increasing their long positions on bitcoin ETFs as a result,” Jeff Mei, COO of BTSE, said in a report by The Block.
A two-week ceasefire between the US and Iran is set to expire on Wednesday, with ongoing diplomatic efforts clouded by conflicting signals.
Donald Trump has said US negotiators are heading to Islamabad for potential talks, while Iranian officials have reportedly refused participation unless the US lifts its blockade of the Strait of Hormuz.
Despite optimism, tensions appear fragile. Reports of a US seizure of an Iranian-flagged cargo ship have added uncertainty to the outlook.
Price action and key resistance levels
Even as ETF inflows surged, bitcoin and ether prices showed modest declines over the past 24 hours. Bitcoin slipped 0.25% to $75,006, while ether fell 0.6% to $2,301.
CryptoQuant highlighted a broader recovery trend in ETF holdings: “Aside from the current milestone, BTC spot ETFs are recovering”.
It added that “The balance held by the firm offering them has been declining since October, but has risen since the February dip.”
In BTC terms, total ETF holdings are now at their highest level since November 2025, suggesting a renewed phase of institutional accumulation.
However, key technical and psychological levels remain in focus. Andre Dragosch, European head of research at Bitwise, noted that ETF investors’ cost basis sits above current market prices.
That level — around $81,000 — may act as a significant resistance threshold in the near term, potentially shaping the trajectory of further inflows and price momentum.
Looking ahead, Mei cautioned that macroeconomic conditions remain a critical factor. While retail demand is improving, he said sustained upward momentum will likely depend on additional rate cuts from the Federal Reserve, which could continue to influence sentiment in the months ahead.