Bitcoin ETFs: A Rollercoaster of Cash and Chaos

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Bitcoin’s exchange-traded funds closed the week with the poise of a man who’s just discovered his hat is on backwards-outflows of $277 million on Thursday, another $145 million on Friday. Yet when the dust settled, the week still ended in positive territory, extending a run that has now lasted six straight weeks, as if the market were a particularly enthusiastic gambler who refuses to admit defeat.

The Inflows: A Financial Folly of Epic Proportions

US spot Bitcoin ETFs have recorded net inflows every week since April 2, pulling in a combined $3.4 billion over that stretch, according to data from SoSoValue. This is the longest consecutive inflow streak in more than nine months-a period so distant it might as well have been the reign of King Charles III.

That makes it the longest consecutive inflow streak in more than nine months-the last time funds saw a run this long was a seven-week period between June 13 and July 18, 2025, which drew in roughly $7.57 billion. The current streak’s best week came in mid-April. For the week of April 17, inflows reached $996 million. The most recent week logged $622 million, while the streak’s weakest showing was its very first-just $22 million for the week of April 2. A performance so lackluster it would have made a Victorian parlor game seem thrilling.

Last week’s numbers told a story of two halves. Monday and Tuesday alone brought in $532 million and $467 million respectively. Then Wednesday slowed sharply to $46 million, before Thursday and Friday swung into outflow territory, nearly erasing what had been a strong start. A week that could only be described as “tumultuous” by a financial journalist with a flair for the dramatic.

The Macro Pressure: A Drama of Unemployment and Diplomacy

Reports from Bitunix analysts point to broader market caution ahead of the US April Non-Farm Payrolls report. Consensus estimates called for payroll growth of just 62,000-a steep drop from the prior reading of 178,000-which reinforced expectations that the labor market was cooling. A narrative so predictable it could have been penned by a 19th-century novelist with a penchant for gloom.

An ADP report earlier in the week showing 109,000 jobs added complicated that picture, leaving investors uncertain heading into the data release. A report so contradictory it could have been the work of a particularly mischievous oracle.

Geopolitical tensions also weighed on sentiment. Reports indicate that the US and Iran exchanged fire near the Strait of Hormuz, though both sides were said to be leaving room for negotiations. A partial understanding on maritime issues between the two countries was reportedly reached. A diplomatic triumph so fragile it could be undone by a single misstep in a game of chess.

Bitcoin slipped below $80,000 on Thursday. Analysts flagged heavy liquidity clustering around the $78,000 level, warning that a break below it could set off cascading liquidations. Dense short positioning between $82,000 and $83,000 kept the market caught between two forces. A situation so precarious it would make a tightrope walker weep with envy.

Ether ETFs Bounce Back After Prior Week’s Losses

Ether ETFs also returned to positive ground. For the week ending May 8, they posted a little over $70 million in net inflows after recording $82 million in outflows the week before. A recovery so modest it could be mistaken for a hiccup in a well-rehearsed performance.

The recovery followed a strong three-week run from April 10 to April 24, which brought in a combined $618 million, with the week of April 17 alone accounting for $276 million. A streak so brief it might as well have been a fleeting dream.

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2026-05-09 18:44