U.S. spot bitcoin ETFs have entered their first eight-day streak of net inflows since October 2025, bringing in $2.1 billion through April 23. This surge in institutional demand comes as on-chain data reveals short-term holders are aggressively selling into the rally.
According to SoSoValue data reported by CoinDesk, the eight-day buying spree has pushed cumulative net inflows since the launch of these products to $58 billion. Total assets under management for these ETFs have now reached $102 billion, representing roughly 6.5% of bitcoin's total market capitalization.
BlackRock’s IBIT drove the majority of this recent momentum, accounting for approximately $167.49 million of the inflows on April 23 alone. In contrast, Fidelity’s FBTC recorded the only significant outflow of the period, dropping by $16.93 million, CoinDesk reported.
The $80,000 resistance test
While the ETF bid has pushed bitcoin prices up 12% from $68,000 to $77,000 during this streak, technical indicators suggest a looming period of volatility. Bitcoin is currently approaching key on-chain levels at $78,100 and $80,100 that have historically signaled local price tops.
A Glassnode report cited by CoinDesk shows that bitcoin recently reclaimed its 'True Market Mean' at $78,100, a level representing the average cost basis of actively transacted supply. This is the first time that threshold has been breached since mid-January.
However, the 'Short-Term Holder Cost Basis' remains a significant hurdle at $80,100. A price move above this level would place more than 54% of investors who purchased bitcoin within the last 155 days into a profitable position.
Historically, this specific threshold has coincided with the formation of local market tops during this cycle. Analysts warn that the current ETF-driven demand may simply be providing 'exit liquidity' for short-term holders looking to realize gains.
Data from Glassnode indicates that realized profit for short-term holders has surged to $4.4 million per hour. This figure is triple the $1.5 million threshold that preceded every local top recorded so far this year, according to CoinDesk.
Despite the selling pressure, some market structures suggest a potential for further upside. Funding on bitcoin perpetuals remains negative, meaning short sellers are currently paying long holders. CoinDesk noted that a second short squeeze, combined with recovering spot demand on offshore venues, remains the primary path toward breaking the $80,000 level.
