Bitcoin hovered near $68,780 on Tuesday as U.S. spot Bitcoin ETFs recorded their strongest daily inflows in over a month.
According to SoSoValue data, the funds attracted a combined $471 million on April 6, marking the largest single-day inflow since Feb. 25 and the sixth-largest daily total so far this year. While notable, the figure still falls short of January’s peak period, when several sessions exceeded $700 million in inflows.
The surge in ETF demand comes as Bitcoin continues to struggle below the $70,000 level. Weak spot market demand and ongoing distribution from large holders have capped upside momentum. In this environment, ETFs have increasingly acted as a key source of marginal buying, helping to offset selling pressure.
On the macro front, signals remain muted. Markets are currently pricing in a 98% probability that the Federal Reserve will hold interest rates steady at its April meeting, according to Polymarket data, with little expectation for near-term policy shifts.
At the same time, Bitcoin’s relationship with global monetary conditions appears to be evolving. A recent Binance Research report highlights a sharp reversal in Bitcoin’s correlation with its Global Easing Breadth Index, which tracks 41 central banks. Since 2024—the year U.S. spot ETFs were approved—that correlation has turned decisively negative. Previously, Bitcoin tended to follow global easing cycles with a lag, but the relationship has now flipped, with the inverse correlation nearly three times stronger.
This shift underscores a change in market structure. Retail investors historically reacted to macro developments after they unfolded, while ETF-driven institutional flows are more anticipatory, positioning ahead of expected policy moves.
“BTC may have evolved from a macro ‘lagging receiver’ to a ‘leading pricer,’” Binance Research noted.
With ETF inflows continuing to absorb supply and provide price support, they may also help explain the persistence of daily inflows.
If this dynamic holds, Bitcoin could increasingly behave as a forward-looking asset—pricing in central bank pivots ahead of traditional markets rather than responding to them after the fact.
