Spot Bitcoin exchange-traded funds recorded a combined net inflow of $2.1 billion last week, the highest weekly figure since the products launched in January 2024. The surge came as Bitcoin briefly reclaimed the $97,000 level, emboldening allocators who had been sitting on the sidelines during the recent consolidation phase.
BlackRock Leads the Pack
BlackRock’s IBIT once again dominated the inflow data, attracting $890 million over the five trading days. Fidelity’s FBTC and ARK Invest’s ARKB rounded out the top three. Notably, even Grayscale’s GBTC recorded a modest $34 million inflow, suggesting some rotation back into the product.
Macro Tailwinds Driving Demand
Federal Reserve commentary has turned incrementally dovish, with two board members publicly acknowledging that rate cuts remain on the table for later in the year. A weaker dollar index, now trading near 99.8, has historically been a positive catalyst for Bitcoin. Meanwhile, Treasury yields have softened, reducing the opportunity cost of holding non-yielding assets.
What Comes Next
Historical data from gold ETFs suggests that early momentum can persist for months once institutional allocators begin systematic positions. If Bitcoin ETFs follow a similar trajectory, total AUM across all products could approach $80 billion by year-end. However, any deterioration in risk sentiment could swiftly reverse the trend.
This article is for informational purposes only and does not constitute financial advice.