The rebound for U.S. spot bitcoin exchange-traded funds (ETFs) continued last week, recording $948.3 million in net inflows. Combined with the $116.8 million in net inflows from the previous week, the ETFs have now fully recovered from four consecutive weeks of outflows in April, totaling $1.05 billion.
Throughout the week, there were no total net outflows for the combined funds. Grayscale’s higher-fee GBTC was the only spot bitcoin ETF to register any daily net outflows, losing $50.9 million on Tuesday. However, this was offset by $63.2 million in net inflows over the rest of the week, resulting in $12.3 million in net weekly inflows for GBTC — its first since being converted.
Fidelity’s FBTC led net inflows for the second consecutive week, adding $344.5 million. Ark Invest’s ARKB followed with $243.7 million, while BlackRock’s IBIT, which had recently experienced zero-flow days, brought in $131.8 million.
Total net inflows since the ETFs began trading in January have now surpassed $12.5 billion. Despite this rebound, overall flows for spot bitcoin ETFs have slowed significantly since peaking at $1.05 billion in net daily inflows on March 12. Bitcoin’s price dropped 23% from its all-time high of $73,836 on March 14 to a low of $56,500 on May 1.
Coinciding with the recent net weekly inflows, bitcoin’s price has increased by around 8% over the past seven days, currently trading at $67,236.