April's spot Bitcoin ETF net inflows hit $2.44B — a record month. Meanwhile, MicroStrategy quietly stacked another 3,273 BTC, pushing their total stash past 200,000.
Two things stand out. First, the ETF demand isn't slowing down. We're past the "launch hype" phase and inflows are accelerating. Second, MicroStrategy's strategy of debt-funded accumulation is still working — their avg cost basis is miles below current price.
The real signal: institutional allocators who sat out 2024's ETF launch are now entering. April's numbers suggest the next wave of traditional finance money is arriving.