April brought significant developments for cryptocurrency ETFs. Bitcoin exchange-traded funds registered $1.97 billion in inflows in a single month, surpassing the $1.37 billion seen in March. This increase closely mirrored Bitcoin’s 12% price rise during April, marking the highest level of growth recorded since April last year.
IBIT takes the lead in bitcoin ETFs
BlackRock’s iShares Bitcoin Trust ETF (IBIT) emerged as the sector’s frontrunner. IBIT achieved nearly $2 billion in net inflows during April, dominating the market. By contrast, Grayscale Investments’ Bitcoin Trust ETF (GBTC) experienced $280 million in outflows. This sharp contrast highlights shifting investor interest and preferences within the market.
The Morgan Stanley Bitcoin Trust ETF (MSBT), which began trading on April 8, saw only positive flows throughout its first month. By the end of April, it recorded approximately $194 million in total net inflows. Although Bitcoin ETFs experienced brief outflows during the month’s final days, totaling $490 million over three days, this was not enough to offset the overall positive trend.
Latest figures and developments for other crypto ETFs
The strong inflows in March and April effectively compensated for the outflows at the start of the year. As a result, Bitcoin ETFs have seen a total net inflow of $1.47 billion since the beginning of 2026. Cumulatively, since their launch, these products have attracted more than $58 billion in investments.
Data for April shows that Ethereum ETFs attracted net inflows of $356 million, making it the first positive month since October 2025. However, Ethereum ETFs still face a net cumulative loss of $413 million year-to-date. Meanwhile, investor interest in $XRP funds surged, with $81.6 million pouring in—an amount that marks the best monthly performance since December.
In April, XRP funds saw inflows of $81.6 million, recording their strongest performance since December.
Solana ETFs attracted $38.7 million in April, representing the lowest monthly level to date for this product. Dogecoin ETFs, in comparison, saw $2 million in inflows, which stands out given the relatively modest total size of these funds.
Increased market concentration and risk
A clear trend emerged across the crypto ETF sector during this period: fund inflows are now increasingly concentrated. IBIT’s share in total inflows rose notably, a pattern that has persisted since the start of the year. Analysts warn that this concentration could lead to volatility if the issuer faces regulatory or operational difficulties.
Meanwhile, continuing outflows from Grayscale’s GBTC indicate that investors are favoring the new generation of ETFs, which typically offer lower fees. In the coming days, as May progresses, major U.S. financial institutions are expected to officially disclose their first quarter crypto ETF holdings as part of the 13F filing season.
