Bitcoin ETF Inflows Surge While Czech Central Bank Considers BTC Reserves

April was the best month of the year for net inflows into spot Bitcoin ETFs so far, with almost $2 billion. At the same time, the Czech National Bank might be the next central bank to add Bitcoin to its balance sheet. 

TL;DR

• Spot Bitcoin ETFs record the largest net inflow of the year, at almost $2 billion.

• Czech National Bank Governor Aleš Michl argued that a small Bitcoin allocation could improve long-term reserve diversification.

Spot Bitcoin ETFs Record Largest Inflow Month in 2026 📈

The spot Bitcoin ETFs continue to be a success story. After a strong inflow month in March, we saw an even stronger April for the U.S.-listed spot Bitcoin ETFs.

While Bitcoin rallied by 11% this month (at one point even 15% before pulling back a bit), inflows into the ETFs picked up as well. 

As you can see in the chart above, April was the strongest month this year with just shy of $2 billion in net inflows. 

Combined with the data from March, we can already see that the slump at the start of the year has evaporated, and, overall, spot Bitcoin ETFs are now on track for a net positive inflow year. 

Which is unique, as Bitcoin’s price so far has not been an indicator for such a lot of institutional interest. 

Year-to-date, BTC is down about 11%, but in the meantime, we’ve had the following Bitcoin and digital asset products announced or launched: 

• Morgan Stanley’s Bitcoin ETF (MSBT)

• Goldman Sachs ’ Bitcoin Premium Income ETF

• Nasdaq and BNP Paribas launched tokenized funds 

• A Bitcoin and Gold ETP launched in London

• Charles Schwab will launch a spot crypto trading platform 

• Citibank plans to launch a crypto trading product later in Q3

All of this happened in the last few months, and there were countless more examples of Wall Street’s digital asset adoption push.  

That’s a strong signal that institutional interest in Bitcoin remains alive and well.

Czech National Bank Chief Backs Bitcoin as 1% Reserve Effort 🇨🇿

I wrote about the Czech National Bank a few times now. The TL;DR is that they are experimenting with a strategic Bitcoin Reserve and testing what's possible.

This week, we have an update to this story.

The National Bank Governor, Aleš Michl, was a speaker at the Bitcoin2026 conference in Las Vegas. He took the stage to defend a reserve strategy that mixes strict inflation control with measured exposure to digital assets.

Furthermore, he elaborated on the bank’s move to add a small Bitcoin allocation to raise expected returns without increasing overall portfolio risk.

In his speech, he said that they had a tough job with bringing inflation under control, but managed to do it with a “forward-looking approach, built for the future”.

And to them, the test run with Bitcoin and other digital assets is part of that future. The next question for the bank was whether it could do more to build a stronger portfolio for the long run. 

According to research by the Czech National Bank, Bitcoin exhibits a minimal long-term correlation with conventional reserve assets and often moves independently of them.

The bank noted that Bitcoin offers returns over extended periods that are largely decoupled from other portfolio holdings. Consequently, the CNB is exploring whether a small Bitcoin allocation could improve reserve portfolio diversification.

The central bank’s analysis suggests that this 1% allocation enhances projected returns in the Czech Koruna without increasing the portfolio's overall risk profile.

“When you add Bitcoin to your portfolio, it works better, returns go up, and risk stays the same. That is diversification!” Michl added. 

Now that’s a statement no one had on the radar just four years ago from a central bank, and I think it proves a valuable lesson. 

The more time you spend with Bitcoin and its benefits, the faster you come to the realization that it provides a solution for many of the world’s problems, including the need to beat inflation.

Of course, Bitcoin’s low correlation to traditional assets is nothing new, but it’s good for Bitcoin when this is confirmed again by researchers from a European central bank.

Elsewhere in Bitcoin 📖

A quick look at what else has been happening in Bitcoin: 

• Paul Tudor Jones says Bitcoin is the best inflation hedge

• Who will get to 900,000 BTC first? Strategy or BlackRock?

• Morgan Stanley’s Head of Digital Assets hinted at BTC on the balance sheet

• Over 800,000 merchants can now use Square’s native Bitcoin payment service

• Strategy’s STRC has bought 10X more Bitcoin than all ETFs combined in 2026

Your fellow stacker in sats, 

Patrick Lowry

PS: If you want to see how the value of goods and services changes when priced in Bitcoin, check out the Samara Bitcoin CPI. It might give you a new perspective on holding Bitcoin on your company’s balance sheet or just as an individual.

Disclaimer: The opinions expressed in this newsletter are solely those of the author and do not necessarily represent the views of any associated company. This newsletter is for educational and informational purposes only and should not be construed as investment, financial, or any other professional advice. Nothing here is a solicitation, offer, or recommendation to buy or sell any asset or to use any service. Investing in cryptocurrencies is highly speculative and carries a significant risk of substantial financial loss, so you must conduct your own thorough research and consult with independent professional advisors before making any decisions.