A prominent on-chain analytics firm says the 10 largest Bitcoin exchange-traded funds (ETFs) witnessed massive inflows over the past week as BTC surged above $90,000.

On the social media platform X, Lookonchain says the Bitcoin ETFs saw net inflows of 29,321 BTC worth $2.78 billion in just seven days.

Net inflows refer to the number of coins entering an ETF minus outflows or coins leaving the investment vehicle.

The analytics firm also notes that nine Ethereum ETFs witnessed positive total net inflows last week to the tune of 20,518 ETH worth $36.5 million.

Says Lookonchain,

“Apr 25 Update:

10 Bitcoin ETFs:
NetFlow: +5,037 BTC (+$477.93 million)
iShares(Blackrock) inflows 3,500 BTC($332.07 million) and currently holds 586,164 BTC($55.62 billion).

Nine Ethereum ETFs:
NetFlow: +31,199 ETH (+$55.5 million)
iShares (Blackrock) inflows 22,704 ETH ($40.39 million) and currently holds 1,184,959 ETH ($2.11 billion).”

Meanwhile, data from the crypto investment research platform SoSoValue shows that as of April 25th, investors have poured a total of $109.27 billion into US Bitcoin ETFs and $6.14 billion into US Ethereum ETFs.

At time of writing, Bitcoin is trading for $94,879 while Ethereum is worth $1,837.

Lookonchain is also keeping a close watch on the fundamentals of the layer-1 protocol Sui (SUI) after the altcoin went on a rampage last week.

“The SUI price has surged by 60% in the past week.

What is driving the rise of SUI?

TVL has increased by 38% in the past week to $1.645 billion.

DEXs (decentralized exchanges) Volume (24 hour) has reached $599 million, a 177% increase from last week.

Stablecoins on Sui have grown rapidly over the past two months, rising from $482 million to $879 million, an 82% increase.”

At time of writing, SUI is trading at $3.53.

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Coinbase CEO Brian Armstrong says the digital asset exchange is moving as fast as possible to support one crypto use case often overshadowed by trading.

In an earnings call, Armstrong says the payments category is one of the biggest sectors driving mass adoption in crypto.

Specifically, the Coinbase CEO is looking at stablecoin payments, a crypto sector that he notes has grown by 200% in terms of volume in just one year.

“We think crypto is much, much more than just an asset class that people want to trade. There’s going to be daily use cases for everybody in the world as crypto updates the global financial system. And one of those big categories is payments. We’re already at scale, I’d say, on stablecoin payments.

There was $30 trillion of crypto stablecoin volume last year. That was up 3x year-over-year. And so we’re moving with haste to integrate crypto payments across our entire suite of products.

We think that will be a big business over time.” 

Armstrong says Coinbase is bullish on stablecoins and is moving to support Circle’s USDC to make it the number one dollar-pegged crypto asset.

“We think USDC has a network effect behind it and the compliant approach that they’ve taken is, I think, going to be really defensible long term. So we’ll be accelerating the market cap growth of USDC with more partnerships and leaning into new use cases like adding payment support across our product suite.”

USDC is the second-largest stablecoin in market cap with a $56.37 billion valuation. Tether’s USDT is at the top with a market cap of $142 billion.

As for the broader crypto market, Armstrong believes that 2025 will be a great year for digital assets as governments around the world soften their stance on the asset class.

“The regulatory overhang is lifting. Governments are leaning in, and we’re shaping the next chapter of crypto from trading to payments to consumer apps and beyond. 2025 is going to be a very good year.” 

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Featured Image: Shutterstock/Salamahin/Susanitah