Bitcoin Dips To $92,000 As ETFs Record $917M In Net Inflows

by Murtuza J Merchant Benzinga Staff Writer

Zinger Key Points

Bitcoin dominance at 55–56% reinforces its store-of-value role amid macro uncertainty, says Bitfinex.
Bitcoin must hold above $89-90k on strong volume for rally sustainability, Bitfinex analysts caution.
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Spot Bitcoin BTC/USD ETFs recorded a total net inflow of $917 million on April 23, marking four consecutive days of positive flows, fueled by macro relief and institutional demand.

Spot Ethereum ETH/USD ETFs saw a net outflow of $23.8 million, per SoSoValue data.

What Happened: BlackRock's IBIT led Bitcoin ETF inflows with $641.1 million, bringing its cumulative inflows to $40.6 billion, while total net assets for Bitcoin ETFs reached $106.3 billion, or 5.72% of Bitcoin's market cap.

For Ethereum, only Grayscale's ETH ETF saw a $6.4 million inflow.

Total net assets for Ethereum ETFs stood at $5.9 billion, representing 2.74% of Ethereum's market cap.

The broader crypto market cap fell 3.51% to $2.989 trillion, reflecting mixed sentiment across major cryptocurrencies.

What Experts Are Saying: Bitfinex analysts attribute Bitcoin's rally to cooling inflation signals and strong ETF inflows, with the cryptocurrency testing the $94,000 level.

"The market is also reacting to cooling inflation signals and renewed institutional bid, especially as spot volumes pick up," the Bitfinex report states.

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They highlight that on-chain flows indicate accumulation rather than distribution, aligning with Bitcoin's relative strength against equities and the dollar.

The report also points to liquidation data, with over $800 million in short positions liquidated in the past 65 hours, fueling Bitcoin's upward momentum.

They also note Bitcoin's rising dominance at 55–56%, reinforcing its store-of-value narrative during periods of macro risk and altcoin corrections.

"If Bitcoin can hold above $89-90k on strong spot volume… the rally likely has legs," Bitfinex analysts concluded.

Price Action: At the time of writing, Bitcoin is trading around $92,500, down 1% on the day.

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