A consecutive week of daily inflows was recorded by US-based spot Bitcoin ETFs for the first time in a month.
A total of $2.75 billion in inflows has been recorded this week by US-based spot Bitcoin exchange-traded funds (ETFs), coinciding with Bitcoin’s climb beyond its previous January all-time high of $109,000.
According to data provided by Farside, the $2.75 billion in inflows was reported to be nearly 4.5 times greater than the $608 million recorded by spot Bitcoin ETFs during the prior week.
BlackRock’s Bitcoin ETF Extends Consecutive Inflow Rally
On May 23, the concluding day of the trading week, inflows totaling $211.7 million were registered by spot Bitcoin ETFs. Notably, gains were reported solely by BlackRock’s IBIT, which recorded an addition of $430.8 million, thereby extending its streak of consecutive inflow days to eight.
Outflows were led by Grayscale’s GBTC, from which $89.2 million was withdrawn, while ARK 21Shares’ ARKB followed closely with $73.9 million in outflows.
Just two days earlier, on May 21, inflows totaling $607.1 million were recorded by the Bitcoin ETFs, coinciding with Bitcoin surpassing its previous all-time high of $109,000. A new record of $111,970 was then set by Bitcoin the next day.
At the time this report was published, Bitcoin was being traded at $108,141, as indicated by data from CoinMarketCap.
A slight decline in Bitcoin’s price over the past 24 hours was accompanied by a drop in overall crypto market sentiment, as reflected in the Crypto Fear & Greed Index.
The overall sentiment in the crypto market has been measured at a “Greed” score of 66 by the Index, marking a 12-point decline from the previous day’s “Extreme Greed” reading of 78.
The monthly inflow record of $6.49 billion set in November 2024 may soon be surpassed by Bitcoin ETFs. As of now, approximately $5.39 billion has been accumulated in May, with five trading days still remaining in the month.
Meanwhile, it has been suggested by several analysts that signs of overheating are not currently being exhibited by Bitcoin, even as new all-time highs were reached this week. Instead, underlying fundamentals were cited as supportive indicators for the potential of further price increases.
It was stated by CryptoQuant analyst Crypto Dan on May 22 that “indicators of overheating, including the funding rate and short-term capital inflow, have remained low in comparison to previous market peaks, and profit-taking by short-term investors has been observed to be limited.”
