Spot Bitcoin (BTC) ETFs have once again surpassed $300 million in inflows in May, with notable contributions coming from BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC).
According to market data from Farside Investors, these investment products attracted $305 million in inflows on May 21, despite some ETF products like the Grayscale Bitcoin Trust (GBTC) reporting zero flows. Out of the four products, only two experienced inflows while the other two registered outflows.
BlackRock’s IBIT led the way with $290 million in inflows, followed by Fidelity’s FBTC with $25.8 million. On the other hand, the Bitwise Bitcoin ETF (BITB) saw outflows of $4.2 million, and the VanEck Bitcoin Trust ETF (HODL) experienced $5.9 million in capital exiting the fund.
Interestingly, IBIT outperformed FBTC in inflows for the second time this week, showing stronger inflows for two consecutive days. This shift comes after FBTC took the lead in the market several times last week, surpassing IBIT on days when the product had no flows. Since its launch in January, the ETF market has accumulated $13.17 billion in positive net flows.
The recent influx of funds has contributed to a surge in Bitcoin (BTC) value, which crossed the $71,000 mark on Tuesday. This price increase has sparked discussions within the cryptocurrency community about whether this rally signifies the start of a bull market or if the market is approaching its peak.
Analyst Eric Balchunas had predicted long-term returns after the outflows in April. He pointed out that Bitcoin ETFs have already seen $1.3 billion in inflows in May, offsetting the negative flows from April and bringing the total inflows since launch to $12.3 billion.
In other news, Ethereum ETF applicants have submitted 19b-4 forms, indicating growing interest in cryptocurrency ETFs.