US-Based Bitcoin ETFs (BTC) Extended Their Red-Hot Streak of Positive Inflows This Past Week

The US-based Bitcoin ETFs (exchange-traded funds) continued their red-hot streak of positive inflows in the past week.

The US-based Bitcoin ETFs (exchange-traded funds) continued their red-hot streak of positive inflows in the past week. These crypto-based financial products posted more than $600 million in net capital influx over the last five trading days, highlighting a sustained optimistic sentiment among investors in the United States.

While the BTC exchange-traded funds got off to a horrific start in the year’s second quarter with a nearly $10 billion capital outflow in the first 12 trading days, the crypto investment products seem to have completely turned things around over the past few weeks. The spot Bitcoin ETFs’ latest weekly performance represents their fifth consecutive week of registering a positive capital inflow.

What Happened

According to the latest data from SoSoValue, the spot Bitcoin ETF market in the US witnessed a total net inflow of $260.27 million on Friday, May 16. This latest round of capital influx represents the third consecutive day of positive inflows for the crypto products after seeing significant withdrawals on Tuesday, May 13.

The market data shows that none of the Bitcoin ETFs recorded an outflow on Friday, with BlackRock’s (NYSE:BLK) iShares Bitcoin Trust (with the ticker IBIT) receiving the most significant portion of the capital inflow. The largest BTC exchange-traded fund registered nearly $130 million in additional value to end the week.

On the other hand, Fidelity’s Wise Origin Bitcoin Fund (FBTC) posted the second-largest inflow on Friday, with $67.95 million in additional value. Cathie Wood’s Ark & 21Shares’ Bitcoin ETF (ARKB) also registered a net daily influx of $57.98 million on the day. Finally, Grayscale’s Bitcoin Mini Trust (BTC) also recorded a total daily inflow of $4.61 million to close the trading week.

As highlighted, this $260 million net capital influx on Friday brought the US-based spot Bitcoin ETFs’ weekly record to a positive total inflow of over $603 million. Notably, this positive weekly performance represents the fifth straight week of capital influx for the crypto-linked financial products.

However, it is worth mentioning that the weekly inflow total seems to be in a downward trend, with the summit in mid-April when the Bitcoin ETFs recorded their second-best weekly performance. According to data from SoSoValue, the BTC exchange-traded fund recorded over $3 billion in total weekly inflow between April 20 and April 25.

The US Bitcoin ETF market last crossed the $1 billion mark in the final week of April, posting about $1.8 billion in cumulative weekly inflow. With the sustained decline in capital influx, it appears fatigue might be creeping in among the ETF investors in the United States.

Bitcoin Price At A Glance

As seen with the bullish price action at the recent ETF activity’s peak, the price of BTC (CRYPTO: BTC) still reacts to the performance of the US-based Bitcoin ETFs. Hence, investors might want to approach the market with caution, especially considering the capital inflows are quickly decreasing.

At the time of writing, the price of BTC stands at around $103,362, reflecting no significant movement in the past 24 hours. This single-day action underscores the premier cryptocurrency’s struggles within a consolidation range in the past week.