Bitcoin ETFs Extend Longest Win Streak Since September, But Spot Demand Lags

Spot Bitcoin ETFs extended their longest inflow streak since September, recording nine straight days of inflows and adding $14.45 million on April 24 to bring the streak to about $2.1 billion. Weekly ETF inflows were strong—$823.7 million for the week ending April 24—with BlackRock’s IBIT taking in $983 million, its biggest week in six months. However, on-chain metrics and derivatives data suggest the rally is largely futures-driven: open interest and short liquidations ($2.8 billion since April 13 vs. $1.8 billion in long liquidations) point to leverage and short squeezes rather than broad spot accumulation. Bitcoin traded near $77,800; analysts warn the ascent may be unsustainable without stronger spot demand, leaving near-term risk of a sharp correction.