This week, US Spot Bitcoin Exchange-Traded Funds (ETFs) saw inflows totaling $2.75 billion, coinciding with Bitcoin surpassing its previous high from January, which was $109,000.
To put that in perspective, the inflow figure was nearly 4.5 times the $688 million from the previous week for Spot Bitcoin ETFs.
BlackRock Bitcoin ETF Sees Continued Inflows
On May 23, the last trading day of the week, the Spot Bitcoin ETF managed an influx of $221.7 million. Interestingly, BlackRock’s IBIT has been the standout, being the only fund to show gains on trading days, with an additional $430 million added to its streak of inflows for eight consecutive days.
On the other hand, Grayscale’s GBTC led the outflow figures at $89.2 million, while Ark 21 Shares’ ARKB followed closely with $73.9 million.
Just a couple of days earlier on May 21, the Bitcoin ETF had a notable influx of $607.1 million, and shortly thereafter, Bitcoin set a new all-time high at $111,970.
At the last check, Bitcoin was being traded at around $108,141, based on data from COINMARKETCAP.
According to the Crypto Fear & Greed index, the slight dip in Bitcoin’s price over the past 24 hours also impacted the overall sentiment in the crypto market.
This sentiment index registered a score of 66, indicating “greed,” which is a drop of 12 points from the previous day’s high score of 78, categorized as “extreme.”
Cointelegraph has recently suggested that the Spot Bitcoin ETF could potentially surpass its monthly inflow record of $64.9 billion, set in November 2024.
Several analysts have pointed out that Bitcoin doesn’t seem to be overheating, despite reaching that new high this week, hinting that there may still be room for growth.
Cryptoquant Analyst Crypto Dan mentioned on May 22 that indicators of overheating, such as funding rates and short-term capital inflows, remain low in comparison to prior peaks, with limited profits for short-term investors.
