U.S.-based spot Bitcoin ETFs recorded a consecutive week of daily inflows for the first time in a month.
U.S.-based spot Bitcoin exchange-traded funds (ETFs) recorded $2.75 billion in inflows this week, coinciding with Bitcoin’s climb past its previous January all-time high of $109,000.
According to data from Farside, spot Bitcoin ETFs saw $2.75 billion in inflows—nearly 4.5 times more than the $608 million recorded the previous week.
BlackRock’s Bitcoin ETF Extends Consecutive Inflow Rally
On May 23, the final day of the trading week, spot Bitcoin ETFs registered $211.7 million in inflows. Notably, only BlackRock’s IBIT reported gains, adding $430.8 million and extending its streak of consecutive inflow days to eight.
Grayscale’s GBTC led the outflows, with investors withdrawing $89.2 million, followed closely by ARK 21Shares’ ARKB, which saw $73.9 million in outflows.
Just two days earlier, on May 21, Bitcoin ETFs recorded $607.1 million in inflows as Bitcoin surpassed its previous all-time high of $109,000. The next day, Bitcoin set a new record at $111,970.
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 Index measured overall crypto market sentiment at a ‘Greed’ score of 66, reflecting a 12-point drop from the previous day’s ‘Extreme Greed’ reading of 78.
Bitcoin ETFs may soon surpass the monthly inflow record of $6.49 billion set in November 2024. So far in May, they have accumulated approximately $5.39 billion, with five trading days still remaining.
Meanwhile, several analysts suggest that Bitcoin is not showing signs of overheating, even as it reached new all-time highs this week. Instead, they cite strong underlying fundamentals as indicators supporting the potential for further price increases.
On May 22, CryptoQuant analyst Crypto Dan stated that ‘indicators of overheating, including the funding rate and short-term capital inflow, remain low compared to previous market peaks, and short-term investors have shown limited profit-taking.’
