U.S. spot Bitcoin exchange-traded funds pulled in $1.97 billion in April, the strongest month for the category since November 2025, according to data compiled by the issuers. The rally pushed Bitcoin up roughly 12% during the month, briefly trading above $80,000. Combined Bitcoin and Ethereum ETF demand topped $2.3 billion in April, and that momentum has carried into May — a single day on May 7 saw $1.05 billion in net flows, the highest daily tally in 111 days.
BlackRock's IBIT dominates while Grayscale keeps bleeding
BlackRock's iShares Bitcoin Trust (IBIT) absorbed roughly $2 billion in net subscriptions in April — meaning it single-handedly exceeded the entire category's net inflow number. The math works because Grayscale's Bitcoin Trust ETF (GBTC) shed about $280 million during the same period, continuing a multi-quarter redemption pattern. The fee gap tells the story: GBTC charges 1.5% annually, while IBIT charges 0.25%. Investors have been voting with their dollars for months, shifting from the expensive incumbent to the cheaper alternative.
Ethereum ETFs snap a five-month dry spell
Ethereum ETFs drew $356 million in April, their first monthly inflow since October 2025. The reversal ends a stretch where Ethereum products had largely sat out the broader crypto ETF boom. Still, the April figure is a fraction of Bitcoin ETF demand. Combined March and April flows were enough to push the overall U.S. crypto ETF category back into positive territory for 2026, erasing January and February redemptions.
Corporate buying and the May surge
Several public companies disclosed fresh Bitcoin purchases in April, adding another layer of buying pressure beyond the ETF channel. Those disclosures weren't named in the raw data, but the pattern aligns with the broader institutional appetite. So far in May, the pace hasn't slowed. The $1.05 billion single-day inflow on May 7 suggests the April trend is extending, not fading. Cumulative inflows into spot Bitcoin ETFs since launch in early 2024 now exceed $58 billion.
The big open question is whether the fee war will claim more victims. Grayscale's GBTC continues to lose assets each month, and with IBIT vacuuming up most of the new money, the pressure on higher-fee products isn't letting up. Next month's numbers will show if the rotation is accelerating or leveling off.
