David Edwards
U.S.-listed spot Bitcoin exchange-traded funds (ETFs) experienced a substantial capital influx of $2.75 billion over the past week, reflecting intensified institutional interest as Bitcoin continues to trade above the $108,000 threshold. This week’s inflows were nearly 4.5 times the $608 million recorded the previous week, according to data from Farside.
BlackRock’s iShares Bitcoin Trust (IBIT) was the standout performer, posting $430.8 million in net inflows on the final trading day of the week. IBIT has now extended its streak to eight consecutive days of gains, underscoring sustained investor confidence.
Conversely, the Grayscale Bitcoin Trust (GBTC) and the ARK 21Shares Bitcoin ETF (ARKB) led outflows, shedding $89.2 million and $73.9 million, respectively.
Notably, the surge in ETF activity coincided with Bitcoin breaching its previous all-time high of $109,000 on May 21, subsequently peaking at $111,970 on May 22. Despite a modest pullback, Bitcoin remains robust, trading at approximately $108,141 at the time of publication.
Market sentiment has cooled slightly, as evidenced by the Crypto Fear & Greed Index, which fell from an “Extreme Greed” score of 78 to a “Greed” level of 66. This moderation in sentiment aligns with analyst perspectives indicating that current market dynamics do not suggest overheating.
As of late May, spot Bitcoin ETFs are on track to potentially exceed their all-time monthly inflow record of $6.49 billion set in November 2024. With $5.39 billion already accumulated this month and five trading days remaining, the record appears within reach.
Analysts, including CryptoQuant’s Crypto Dan, emphasize that overheating signals remain subdued. He notes that key indicators such as funding rates and short-term capital inflows are still below historical peaks, and profit-taking by short-term investors has been limited.
These developments reflect a maturing investor base and continued optimism around Bitcoin’s long-term valuation trajectory, despite short-term market fluctuations.
