Spot Bitcoin ETFs Sees Weekly Inflows Hits $599.59M

The United States spot Bitcoin exchange-traded funds (ETFs) saw a net weekly inflow of $599.59 million, driving substantial inflows for a third consecutive week.

This sustained interest is fueled, in part, by diminishing concerns over global trade friction following recent developments, including a trade accord between the United States and the United Kingdom, and signals indicating renewed conversations between the U.S. and China aimed at improving bilateral relations.

Spot Bitcoin ETF Massive Hit

SoSoValue data revealed that the twelve Bitcoin ETFs gained $921 million from May 5th to 9th. This continues a positive trend, with almost $5.8 billion flowing into these ETFs over the last three weeks.

According to Farside data, BlackRock’s IBIT ETF was the most popular, gaining over $1 billion in the past week. IBIT has now seen inflows for nineteen days, adding over $5 billion in assets. This is the longest inflow streak for any Bitcoin ETF this year.

Fidelity’s FBTC and ARK 21Shares’ ARKB also saw gains, but smaller, at $62.4 million and $45.6 million, respectively. However, some funds saw outflows, which reduced the total gains. Grayscale’s GBTC, Bitwise’s BITB, Franklin Templeton’s EZBC, and VanEck’s HODL saw a combined outflow of $217.4 million. The other Bitcoin ETFs didn’t see much activity.

Following Friday’s inflows, the total amount of funds that have flowed into these ETFs since inception has reached $41.16 billion, marking a new high.

Unlike the strong interest in Bitcoin ETFs, Ethereum ETFs didn’t fare as well this past week. More money left than came in, with $38.15 million withdrawn from the nine Ethereum ETFs.

BTC Price Action

The renewed interest is mainly due to the economy. The U.S. President’s trade deal with the UK, which cuts taxes on British cars, aluminum, and steel, triggered market enthusiasm. In return, the UK will buy more American goods, like beef and drinks. The chance of new talks with China is also good, easing investors’ worries.

As world trade wars decrease, Bitcoin is rapidly moving forward. According to CoinGecko data, its price is currently above $100,000 and trading at about $104,450, just 4.5% below its highest price in January.

Bitcoin’s rise above $100,000 was substantial for traders last week, leaving hopes of breaking through its old record of $109,588. Notably, the apex coin trading volume in the past 24 hours is $32.39 billion, representing an increase of 30.30% from the day before, showing that the market is more active now.

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