Bitcoin ETFs post $2.75B in weekly inflows as price sits above $108K
On May 23, the final day of the trading week, spot Bitcoin ETFs recorded $211.7 million in inflows. However, BlackRock’s IBIT was the only fund to post gains in the trading day, adding $430.8 million and extending its inflow streak to eight consecutive days.
Grayscale’s GBTC led outflows with $89.2 million, followed by ARK 21Shares’ ARKB with $73.9 million.
Just two days before, on May 21, the Bitcoin ETFs saw $607.1 million in inflows, the same day Bitcoin surpassed its $109,000 all-time high. The following day, Bitcoin recorded a new all-time high of $111,970.
At the time of publication, Bitcoin is trading at $108,141, according to CoinMarketCap data.
Bitcoin’s slight price decline over the past 24 hours came alongside a decline in crypto market sentiment, according to the Crypto Fear & Greed Index.
The Index, which measures overall crypto market sentiment, reads a “Greed” score of 66, down 12 points from its “Extreme Score” of 78 the previous day.
Cointelegraph recently reported that spot Bitcoin ETFs are on its way to potentially surpassing its monthly inflow record of $6.49 billion from November 2024. So far in May, spot Bitcoin ETFs have accumulated approximately $5.39 billion, with five trading days remaining in May.
Meanwhile, several analysts recently suggested that Bitcoin is not showing any signs of overheating despite reaching new all-time highs this week, pointing to fundamentals suggesting that Bitcoin could rise further.
CryptoQuant analyst Crypto Dan said on May 22, “Overheating indicators such as the funding rate and short-term capital inflow remain low compared to previous peaks, and profit-taking by short-term investors is limited.”
