Bitcoin (BTC) exchange-traded funds (ETFs) in the United States have captured the market's attention by accumulating nearly 25,000 BTC in just three days, according to data provided by Eric Balchunas, senior ETF specialist at Bloomberg Intelligence.

This phenomenon reflects renewed institutional interest and a potential change in the BTC market trend, amidst a backdrop of macroeconomic optimism and signs of easing trade tensions between the United States and China.

The BlackRock-managed iShares Bitcoin Trust (IBIT) led the flow yesterday with $643 million in a single day, cementing its position as the world's largest bitcoin fund with holdings of 582,650 BTC. The Grayscale ETF followed with 233,882 BTC.

Bitcoin ETF inflows and outflows. Source: Coinglass.

Balchunas highlighted the rapidity with which these funds' flows have accelerated. “It's like going from first gear to fifth gear in a matter of days. Fast money is probably operating on price,” he explained.

Additionally, cumulative net ETF flow is approaching $38 billion, near its all-time high of $40 billion, a remarkable achievement considering the market's challenges so far in 2025, according to data from SosoValue.

An indicator of institutional confidence

Data from on-chain data analytics firm Glassnode shows that inflows and outflows from ETFs have become a key indicator of investor confidence.

“This influx sends a clear signal that demand for bitcoin may be recovering,” the firm stated.

During Bitcoin's rally yesterday, which reached $94,000, ETFs performed strongly, with inflows representing more than 10% of BTC spot volume over the past two weeks. BTC currently stands at $93,600.

"US spot bitcoin ETFs saw a staggering $1.54 billion in net inflows in a single day, one of the highest daily figures since their inception,” Coinglass said.

Net inflows and outflows from Bitcoin ETFs. Coinglass.

“Over the past two weeks, Bitcoin ETFs have experienced two distinct waves of inflows, each exceeding 10% of BTC spot volume, and underscoring a relatively strong institutional demand profile,” the firm says.

In contrast, ETFs for ether (ETH), Ethereum's cryptocurrency, have not kept pace , as seen below.

Net flows into US BTC and ETH ETFs. Source: Coinglass.

Their flows barely reach 1% of ETH's spot volume, which explains the disparity in performance between the two cryptoassets. This difference underscores a clear institutional preference for Bitcoin in the current market cycle .

Macroeconomic and sentimental factors

Bitcoin's rally coincides with positive signs in trade relations between the United States and China.

Guo Jiakun, a spokesman for China's Foreign Ministry, expressed Beijing's willingness to engage in dialogue, albeit with a caveat: “We don't want to fight, nor are we afraid of fighting. If necessary, we will fight to the bitter end. But the door to talks is open". This message, along with the 90-day suspension of global tariffs following“ Liberation Day ” on April 2, has eased tensions and contributed to market optimism.

This context has driven the price of BTC above the Short-Term Holders' Cost Basis (STH), located at $92,900, as seen on the chart. This level, which reflects the average purchase price of recent investors, acts as a key pivot.

STH is the average price at which investors purchased Bitcoin over the past few months. Source: Glassnode.

Historically, a sustained breach of this threshold has marked the beginning of bullish phases. However, as occurred between July and September 2024, the current move does not yet confirm a definitive shift toward a full-blown bull market.

Caution and opportunity on the horizon

Despite the enthusiasm, the market is showing a mix of caution and neutrality. According to investment firm Capriole Investments, this conservative attitude is often aligned with significant opportunities for “risky” assets like BTC.

The firm notes that to consolidate the upward trend, the BTC price must remain above $91,000 at the weekly close. If this is achieved, new all-time highs could be within reach.

For now, the Supply-to-Profit ratio has risen to 87.3%, indicating that most investors are holding unrealized profits. Sustained strength above current levels could bolster confidence and attract more participants to the market.

Record BTC accumulation by ETFs, coupled with a more favorable macroeconomic environment and a shift in investor sentiment, points to a pivotal moment for Bitcoin.

Although risks remain, such as uncertainty surrounding tariffs and inherent market volatility, the data suggest that the worst of the correction may be over.