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Bitcoin ETFs closed April with a record-breaking $1.97 billion in capital inflows for 2026, up significantly from $1.37 billion in March. This growth was fueled by Bitcoin’s 12% price increase over the month, the strongest performance since April 2025, when the asset gained more than 14%. IBIT Leads While GBTC Sees Continued Outflows BlackRock’s iShares Bitcoin Trust ETF (IBIT) led the market in April, attracting approximately $2 billion in net inflows. In contrast, Grayscale Investments’s Bitcoin Trust ETF (GBTC) recorded outflows of about $280 million. The Morgan Stanley Bitcoin Trust ETF (MSBT), launched on April 8, did not record a single day of negative flows during the month and accumulated approximately $194 million. Toward the end of April, ETFs experienced a brief wave of redemptions, with total outflows of roughly $490 million over three days. However, this did not outweigh the overall monthly inflows. Taking into account March and April inflows, which offset earlier outflows in January and February: the cumulative net inflow into Bitcoin ETFs since the start of 2026 has reached approximately $1.47 billion. Total inflows since the products’ launch have now exceeded $58 billion. May marks the start of the 13F filing season, when major financial institutions will disclose their crypto ETF positions for the first quarter of 2026. Ethereum and Altcoin ETFs Show Mixed Recovery Ethereum ETFs posted $356 million in inflows in April, marking their first positive month since October 2025. However, they remain down $413 million year-to-date, signaling that recovery is still underway. Among altcoins: XRP funds saw $81.6 million in inflows, their strongest performance since December. Solana ETFs recorded $38.7 million, the lowest monthly inflow on record. Dogecoin ETFs attracted $2 million, accounting for a notable share of their total inflows. Structural Shift Emerging in ETF Market A clear trend is forming in the ETF landscape: capital is becoming increasingly concentrated. IBIT alone has been responsible for a dominant share of inflows, continuing a pattern seen earlier this year. This concentration raises potential risks. Heavy reliance on a single fund could expose the market to disruption if that issuer faces regulatory or operational challenges. At the same time, persistent outflows from GBTC suggest a broader transition. Investors appear to be moving away from older products toward newer, more efficient ETF structures. With 13F filing season beginning in May, the next phase of insight will come from institutional disclosures, offering a clearer view of how major players are positioning in crypto ETFs.