Spot Bitcoin ETFs See $2.75B Weekly Inflow, Third-Highest Ever

During the trading week of May 19 to May 23, spot Bitcoin exchange-traded funds (ETFs) experienced a surge in investor interest. According to data from SoSoValue, this product recorded a staggering $2.75 billion in net weekly inflows. This influx marks the third-highest weekly inflow in its history.

BlackRock’s iShares Bitcoin Trust (IBIT) led the pack with $430.8 million, followed by Fidelity Wise Origin Bitcoin Fund (FBTC). The latest data brings the cumulative net inflow of US spot Bitcoin ETFs to $44.53 billion.

Notably, this inflow coincides with the rise in Bitcoin’s price, which has helped the funds set a new record value. Last week, the world’s largest cryptocurrency crossed the $110,000 price mark, achieving an all-time high of $111,888. The asset value has, however,, retraced, currently changing hands at $109,973, reflecting a 2.2% increase in the day.

Institutional Interest Boosts Inflows

Remarkably, the week started on a good note for BTC as many prominent companies added to their Bitcoin stash. These large institutions are motivated by Bitcoin’s role as a hedge against inflation.

Japanese publicly traded firm Metaplanet bought an additional 1,004 BTC for approximately $104.3 million, taking their holdings to 7800 BTC.

Similarly, Michael Saylor’s Strategy acquired 7,390 BTC worth $764.9 million. The largest corporate Bitcoin holding entity currently holds a stash of 576,230 BTC worth about $40.18 billion. The business intelligence firm also announced plans to raise $2.1 billion from the sale of its stock for Bitcoin purchases.

Ethereum ETFs See Steady Growth

Meanwhile, Ethereum ETFs also demonstrated notable strength, though smaller in volume.  The products recorded a $248 million net inflow over the same five-day period. This is a positive sign for the second-largest cryptocurrency by market capitalization, which has been underperforming recently.

Notably, all nine Ethereum ETFs reported zero outflows, highlighting investor confidence in Ethereum’s long-term prospects. This is especially evident amid ongoing developments like Ethereum’s scaling solutions and its role in decentralized finance (DeFi).

Overall, the data signals a potential shift in investors’ interest, suggesting optimism about Ethereum’s future utility and market position.

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