Concerns over the trade war have eased as the U.S. reached an agreement with an important partner and indicated it would hold talks with China to improve relations, keeping investor demand high, resulting in strong inflows into U.S. spot Bitcoin ETFs for the third consecutive week.
According to data from SoSoValue, during the past week (May 5 to 9), 12 spot Bitcoin ETFs saw total inflows of $921 million. Notably, these investment products have maintained strong inflows for three consecutive weeks, totaling nearly $5.8 billion.
Farside data shows that BlackRock's IBIT once again led the way, attracting over $1 billion in inflows just last week. The fund has now seen inflows for 19 consecutive days, with total assets exceeding $5 billion, making it the longest-running fund in terms of consecutive inflows among this year's spot Bitcoin ETFs.
Fidelity's FBTC and ARK 21Shares' ARKB also saw slight increases, adding $62.4 million and $45.6 million, respectively.
However, three funds, namely Grayscale's GBTC, Bitwise's BITB, Franklin Templeton's EZBC, and VanEck's HODL, saw outflows totaling $217.4 million, partially offsetting the overall gains for the week. The remaining BTC ETFs had zero inflows during this period.
Following the inflows on Friday, the total net inflow of these investment tools since their launch has reached $41.16 billion, setting a historical high for cumulative inflows.
This new momentum is largely tied to the macroeconomic situation. U.S. President Donald Trump announced a trade agreement with the UK, pledging to lift tariffs on British cars, aluminum, and steel. In return, the UK will open its market to more U.S. exports, such as beef, ethanol, and soft drinks.
Negotiations with China have also returned to the negotiating table, providing great comfort to global investors.
With geopolitical pressures easing, the price of Bitcoin has once again surpassed the $100,000 mark, climbing to approximately $104,000 at the time of writing. It is currently only down 4.5% from its all-time high in January.
Risk appetite has rebounded, with the cryptocurrency fear and greed index at 70, firmly in the 'greed' zone, up from last week's neutral reading.
Analysts attribute part of the rise to a significant influx of funds into spot Bitcoin ETFs. According to CryptoQuant founder Ki Young Ju, Bitcoin's current rise is due to sustained inflows into ETFs, along with an increasing number of institutional and government investors.
Despite the strong demand for Bitcoin ETFs, Ethereum ETFs experienced a bear market this week, with outflows for three consecutive days, while there was inflow on only one day during the same period. Nine Ethereum ETF funds saw a total net outflow of $38.15 million.
