Yaël Bizouati-Kennedy
4/24/25
Global inflows to spot bitcoin ETFs already total $2.4 billion this week, making it the strongest week since January 17.
“We saw a further $1 billion inflows yesterday alone,” CoinShares Head of Research James Butterfill told Sherwood News.
Bloomberg Intelligence analyst Eric Balchunas posted on X yesterday that spot bitcoin ETFs are going into “Pac-Man mode,” and followed up today saying the ETF “bitcoin bender” has “consumed nearly 25,000 btc in three days.”
BlackRock’s iShares Bitcoin Trust — winner of the 2025 ETF.com award for Best New ETF — gained the most, attracting $643 million in single-day inflows yesterday. This represents the largest bump since December 5, 2024, according to Farside Investors data. Other gainers included ARK 21Shares Bitcoin ETF, which recorded $129.5 million in inflows on April 23, and Fidelity Wise Origin Bitcoin Fund, with $124.4 million.
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Yaël Bizouati-Kennedy
4/29/25
BlackRock’s iShares Bitcoin Trust saw inflows of $970.9 million yesterday, the second-largest since inception.
The largest inflow ever was on November 7, 2024, just after President Trump’s election victory, with $1.12 billion in inflows, Farside Investors data shows.
IBIT, with over $55 billion in assets under management, added 2,522.6 bitcoin yesterday to its stash and now holds 586,164.3 bitcoin, according to Bitcoin Treasuries.
Notably, the ETF holds more bitcoin than Strategy, the largest corporate bitcoin holder,which has 553,555 bitcoin.
Bitcoin crossed $95,000 yesterday, the first time since February 24.
IBIT’s massive inflows come on the heels of global crypto ETFs having their best week since December 2024, with inflows totaling a whopping $3.4 billion, the “3rd largest on record,” according to CoinShares. Bitcoin funds took the lion’s share, with $3.18 billion in inflows.
IBIT, recently named the winner of the 2025 ETF.com award for Best New ETF, is up 67.3% since inception and 17% in the past year.
Todd Ruoff, CEO of Autonomys, told Sherwood News that IBIT’s stunning inflows reflect growing demand for regulated, accessible crypto exposure without the complexities of direct custody. Ultimately, IBIT’s success could accelerate the adoption of similar crypto-based financial instruments, further blurring the lines between digital assets and traditional markets, he added.
“Mainstream investors are increasingly embracing bitcoin exposure via regulated vehicles, making IBIT a bellwether for crypto’s integration into traditional finance,” Ruoff said.
Yaël Bizouati-Kennedy
4/28/25
It’s off to the races this Monday for bitcoin, which crossed $95,000 for the first time since February 24.
As Michael Saylor tends to do, following a teasing post on X, “Stay humble. Stack sats,” theStrategy cofounder said Monday morning the company acquired “15,355 BTC for ~$1.42 billion at ~$92,737 per bitcoin and has achieved BTC Yield of 13.7% YTD 2025.”
Strategy, the largest corporate bitcoin holder, now has 553,555 bitcoin, worth roughly $52 billion at today’s prices.
Things are shaping up well for bitcoin, which has been on an upward trajectory since last week.
Geoff Kendrick, global head of digital assets research at Standard Chartered Bank, wrote in a Monday note that bitcoin “is headed for the next leg higher.”
“We expect a strategic asset reallocation away from US assets to trigger the next sharp upswing in bitcoin in the coming months,” he said.
He predicts bitcoin will reach a “fresh all-time high of $120k in Q2. Then onto my $200k end-year forecast,” which isn’t quite as bullish as Cathie Wood’s Ark Invest projection of $2.4 million by 2023, but still more than double its current price.
According to him, several factors are supporting the bullish view:
“US Treasury term premium (which has a close correlation to BTC) is at a 12-year high. Time-of-day analysis suggests that US-based investors may be seeking non-US assets. Meanwhile, Bitcoin accumulation by ‘whales’ (major holders) has been strong.”
The record ETF flows from last week is another bullish indicator for bitcoin.
Claire Yubin Oh
4/25/25
While its actual net income figure slid more than 70% on Tuesday in one of its worst quarters in years, Elon Musk’s company managed to make adjusted earnings look slightly more presentable after excluding ~$97 million in crypto losses from the figure. The big omission bumped non-GAAP earnings by about 12%, per Bloomberg analysis.
Critiqued by some as “earnings before the bad stuff,” non-GAAP figures offer an often rosier picture by excluding one-off events and expenses — in this instance, Tesla’s losses from the roller-coaster ride that crypto’s been on recently.
Though digital assets aren’t part of Tesla’s core operations, the SEC often pays attention to consistency in what companies bake into their unofficial earnings metrics. When Musk’s company reported an extra $600 million crypto boost at the end of last year, that additional income showed up in its non-GAAP figure for the period.
Even after offloading millions of dollars of bitcoin since 2021, Tesla is still the seventh-largest reserve of the cryptocurrency, with around $1 billion in holdings, data from Bitcoin Treasuries shows.
Critiqued by some as “earnings before the bad stuff,” non-GAAP figures offer an often rosier picture by excluding one-off events and expenses — in this instance, Tesla’s losses from the roller-coaster ride that crypto’s been on recently.
Though digital assets aren’t part of Tesla’s core operations, the SEC often pays attention to consistency in what companies bake into their unofficial earnings metrics. When Musk’s company reported an extra $600 million crypto boost at the end of last year, that additional income showed up in its non-GAAP figure for the period.
Even after offloading millions of dollars of bitcoin since 2021, Tesla is still the seventh-largest reserve of the cryptocurrency, with around $1 billion in holdings, data from Bitcoin Treasuries shows.
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