London, April 24, 2026, 11:04 BST
Bitcoin hovered under $78,000 on Friday, propped up by fresh inflows into U.S.-listed spot Bitcoin funds, while global markets remained unsettled by oil, dollar moves, and Middle East jitters. BTC was changing hands near $77,500, after swinging from a session high of $78,600 down to $77,068.
This isn’t just crypto traders piling in; listed funds are behind the bid. A spot Bitcoin ETF lets investors tap into Bitcoin via standard brokerage accounts, skipping direct ownership of the token.
Demand has come surging back at a complicated moment. U.S.-listed Bitcoin ETFs pulled in $223.3 million on April 23, following a $335.8 million haul just the day before, according to Farside Investors data. The inflows keep flowing, keeping Bitcoin hovering close to that $80,000 mark.
The wider backdrop looked murkier. The dollar headed toward its first weekly advance in three weeks. Brent crude pushed up to $106.60 a barrel, with traders on edge as stalled U.S.-Iran negotiations and fresh doubts around the Strait of Hormuz lingered. Bitcoin hovered, not far from flat, at $77,895.85, according to Reuters’ currency markets report.
Bitcoin managed to edge past $79,000 on Wednesday, heading for its fourth straight weekly gain, according to Investing.com. ETF inflows have given prices a lift, though the advance has been tempered by rising oil prices and a stronger dollar. Traders are watching the $80,000 mark—not so much for headlines now, but to see if fund demand can keep up with those looking to cash out.
Akshat Siddhant, lead quant analyst at Mudrex, pointed to robust ETF inflows and dwindling exchange reserves as drivers behind Bitcoin’s climb. Fewer coins sitting on exchanges—essentially, lower reserves—typically signals a thinner selling side, traders say.
Giottus CEO Vikram Subburaj pegged Bitcoin’s short-term test squarely in the mid-$77,000 range, dubbing that level its “short-term equilibrium band.” According to Subburaj, it’s institutional appetite, not a retail surge, that’s fueling the current momentum. The Economic Times
Bitcoin’s mood didn’t spread to its rivals. Spot Ethereum ETFs posted a $75.9 million outflow on April 23, snapping a 10-day inflow run. Ether dropped roughly 1.8% in the span of 24 hours, changing hands around $2,317, according to SoSoValue data cited by Blockhead.
The rally may look strong on the surface, but there’s less depth underneath. CoinSwitch Markets Desk pointed out that while Bitcoin surged toward $79,000, the bulk of that action was fueled by futures trading—not consistent spot demand. Futures, those contracts for wagering on price direction, tend to amplify swings, especially when traders start closing out positions.
Crypto isn’t dodging the scrutiny from macro traders. BMO’s chief FX strategist Mark McCormick warns the coming three to six months won’t look like the “pre-conflict normal.” He points out that “drawdown risk is rising” and says traditional cross-asset signals are breaking down. Reuters
Bitcoin’s holding steady for the moment, sidestepping a sharper retreat. A clear push through $80,000—and ETF inflows staying in the green—would mark the straightforward route. On the flip side, slipping below the mid-$77,000 zone leaves the door open for oil, the dollar, or shifting derivatives to set the tone.
