The trading volume of BlackRock's spot Bitcoin ETF surged to its highest level since January, when Bitcoin reached a peak that lasted for several months.

BlackRock's iShares Bitcoin Trust (IBIT) experienced the largest inflow of funds in the past two weeks, as traders allocated funds to the US spot Bitcoin exchange-traded fund (ETF) to capitalize on the soaring cryptocurrency.

According to Farside Investors, the net inflow into IBIT on May 21 reached $530.6 million, the largest single-day net inflow since $531.2 million on May 5. Since April 9, there has been no outflow from the ETF.

In just one day, IBIT accumulated over 10 times the amount of Bitcoin mined during the same period, harvesting 4,931 BTC, while only 450 BTC were produced that day.

According to data from ETF tracking account Trader T, IBIT's trading volume also set a record for the largest single-day trading volume since January.

ETF Store President Nate Geraci stated: ‘Given today's trading volume, inflows are expected to increase.’

The total inflow amount for all 11 spot ETFs was $607.1 million, with Fidelity's Origin Bitcoin Fund (FBTC) ranking second for the day with an inflow of $23.5 million.

Bloomberg ETF analyst Eric Balchunas described the ETF inflows as a 'classic frenzy' triggered by recent Bitcoin price increases, which rose to nearly $112,000 earlier on May 22.

Balchunas added that the last time ETF trading volume surged to current levels was in January, when Bitcoin trading volume was approximately at historical highs. ‘All Bitcoin ETFs saw a significant increase in trading volume, with most ETFs' inflows expected to reach double their averages,’ he said.

TradingView data shows that Bitcoin reached a historic high of over $110,000 on the evening of May 2, with significant inflows and trading volume increases. Subsequently, the Bitcoin price continued to rise, peaking at just below $111,897 on Coinbase.

Bitcoin ETFs continue to see inflows.

Jeff Mei, the operations head of cryptocurrency exchange BTSE, told Cointelegraph in a report that investors are 'pouring into Bitcoin ETFs,' with net inflows into Bitcoin ETFs reaching $3.6 billion in May.

‘We believe this trend will continue as long as companies keep using the public markets to raise more funds,’ he added. ‘If the Federal Reserve decides to cut interest rates in the coming months, this trend could even accelerate.’

HashKey Capital partner Jupiter Zheng expects volatility to further increase once Bitcoin breaks through $110,000. He told Cointelegraph that Bitcoin is 'entering uncharted price discovery territory, with unstable geopolitical and macroeconomic factors prompting investors to consider Bitcoin's long-term value.'