BTC 4-hour gains 0.73%: Institutional ETF large net inflow combined with on-chain holding sentiment driving a short-term rebound

Between 20:00 on April 21, 2026, and 00:00 on April 22, 2026 (UTC), the BTC price return was +0.73%, with a price range of 74,970.6 to 75,609.1 USDT, and an amplitude of 0.85%. During this period, market activity significantly increased, with spot and futures trading volumes rising approximately 12% above the previous day’s average. Investor holding intentions strengthened, and prices showed a short-term rebound trend.

The main driver of this movement was large inflows of institutional funds through ETF channels. On April 21, 2026, BlackRock’s IBIT Bitcoin ETF saw a weekly net inflow of up to $871 million, becoming the main source of crypto ETF capital inflows that week, providing notable buying support to the spot market, absorbing substantial liquidity, and pushing prices higher. Meanwhile, on-chain data showed net inflows of BTC to exchanges turning negative (decreasing from -2,800 BTC to -3,100 BTC), indicating investors prefer transferring assets to personal wallets or cold storage rather than short-term trading, which, along with the price increase, reflects growing market confidence in BTC’s long-term value.

Additionally, negative funding rates in the derivatives market created a short squeeze effect, forcing some short positions to close, further driving up prices. Open interest in futures contracts slightly decreased from $5.64B to $5.63B, a decline of about 0.2%, as some leveraged funds took profits or reduced risk exposure, resonating with the spot market. On a macro level, the Federal Reserve maintained interest rates between 3.50% and 3.75%, keeping liquidity conditions stable; geopolitical risks eased, and overall market risk appetite increased, with multiple factors amplifying volatility.

Currently, short-term volatility risks should be monitored: if futures funding rates turn positive, it could trigger long liquidations and cause a correction; the sustainability of institutional fund flows remains a key variable—if ETF net inflows slow down or reverse, prices could face downward pressure. Future focus should be on on-chain fund flows, ETF net inflow data, and macro news developments.