U.S. spot Bitcoin ETFs raked in $2.75 billion in inflows this week, driven by Bitcoin’s explosive rally to a new all-time high of $111,970. According to Farside data, the latest figure marks a 4.5x increase over last week’s $608 million—highlighting renewed institutional demand.
On May 23 alone, spot Bitcoin ETFs posted $211.7 million in net inflows. BlackRock’s iShares Bitcoin Trust (IBIT) led the surge, pulling in $430.8 million—its eighth consecutive day of gains. Despite the influx, Grayscale’s GBTC saw $89.2 million in outflows, while ARK 21Shares’ ARKB lost $73.9 million.
Bitcoin’s breakout past $109,000 on May 21 coincided with a $607.1 million daily ETF inflow, signaling strong correlation between price momentum and institutional inflows. Although BTC experienced a brief pullback, the sentiment remains bullish, even as the Crypto Fear & Greed Index dipped from 78 to 66—indicating slightly more cautious sentiment.
May could end as a record-breaking month, with spot Bitcoin ETFs already accumulating $5.39 billion—closing in on the $6.49 billion record set in November 2024.
According to CryptoQuant’s Crypto Dan, on-chain metrics show no signs of overheating. Funding rates are steady, and short-term holders are not yet taking significant profits—leaving room for further growth.
Matrixport analysts highlight a key trend: institutional investors, not retail, are fueling this rally. Gone are the frenzied social media spikes of past cycles. This time, the capital inflow is measured and strategic, as corporations increasingly treat BTC as an inflation hedge.
Corporate adoption is accelerating. Strategy—the top institutional BTC holder—plans to raise $2.1 billion via Series A Perpetual Preferred Stock, hinting at more Bitcoin purchases. Bitcoin Treasuries data shows 204 institutional BTC holders, over half of them public companies, with 11 new additions in the past month alone.
