Analysis of ETFs #Bitcoin: BlackRock $IBIT (+$41.2 billion) and Fidelity FBTC (+$11.9 billion) dominate the flows, despite massive outflows from Grayscale GBTC (-$22.7 billion) due to its high fees (1.5%).

Marked volatility: +$936.5 million on April 22, -$328.0 million on April 8. Net total: +$38.4 billion.

Verdict: #bullish, the net inflows reflect strong interest despite some caution.