U.S. Bitcoin ETFs Extended Their Streak to Six Straight Sessions

U.S. spot Bitcoin ETFs posted $609 million in net inflows on Wednesday, extending their streak to six straight sessions.

U.S. spot Bitcoin ETFs posted net outflows of $609 million on Wednesday, extending their streak to six straight sessions. Following the increased demand by institutions, bitcoin pushed higher to a new all-time high of over $111,000, driven partly but not solely by ETF activity. The trading volume across 12 U.S.-listed spot Bitcoin ETFs reached $7.64 billion, the highest since late February.

After Bitcoin broke past around $109,000 within 24 hours earlier this week, the demand for ETFs soared. It coincided with wider positive crypto market momentum and increased crypto market participation. Cumulative net inflows so far are $43.38 billion since launch, with total May inflows of $4.24 billion.

Volume is still strong, and prices are strong, which shows that institutional and retail interest is up. Spot Bitcoin ETF activity confirms strong underlying demand and a favorable liquidity environment. Against this backdrop, U.S.-listed digital asset products continue to draw more inflows.

According to SoSoValue data, net outflows from U.S.-listed digital asset products totaled $1.19 billion last week, marking the third week of outflows. However, this pales in comparison to the massive inflows seen earlier this year.

The latest round of data also showed that institutional investors pulled back slightly from their bullish bets on Bitcoin, while they increased their bullish exposure to Ethereum.

After a stellar performance in April, which saw a record-high $3.43 billion in net inflows, U.S.-listed crypto products suffered outflows in May for the first time since November 2022.

Despite the recent outflows, the overall picture remains bright, with institutional investors continuing to diversify their portfolios with digital assets.

This trend is likely to continue as more macroeconomic and regulatory uncertainties emerge, rendering cryptocurrencies an increasingly appealing asset class for institutions to allocate capital to.

Among the U.S. ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) saw an outflow of $530.6 million on Wednesday. Net outflows of over $20 million were seen to Fidelity’s FBTC, Bitwise’s BITC and Grayscale’s Mini Bitcoin Trust. These four funds accounted for most of the capital exiting the Bitcoin ETF market.

Meanwhile, net positive flows came elsewhere, including from other providers like VanEck, Ark & 21Shares, and Valkyrie. All fund activities remained stable, showing wide participation in the ongoing rally. Trading interest spiked, confirming renewed confidence in spot Bitcoin ETF structures.

Collectively, the 12 spot Bitcoin ETFs saw their highest trading day in nearly three months. Constant outflows contributed to continuing the strength of market sentiment and the liquidity depth—a strong directional bias on Bitcoin-related products is revealed in the form of net outflows.

Bitcoin Liquidity and Metrics Signal Bullish Setup

Market liquidity and order book positioning signal continued upside for Bitcoin in the shorter term, according to Hyblock Capital. Now, its Combined Books metric has climbed into the 98th percentile over 90 days, indicating more action. There has also been a jump in open interest to the 96th percentile on major exchanges. According to Hyblock, the support zone at $101,000 to $102,500 repeatedly saw long positions enter on key platforms. Within this band, we find a pattern of trapping short sellers and increasing long exposure with limit orders. It’s also worth noting that cumulative volume delta shows breakout potential if net buying crosses $250 million.

Lower retail long exposure remains a key indicator for sustained gains, as retail participation is a key indicator. However, a net drop below $500 million might not be long before reversals come into the equation. These signals suggest the Bitcoin ETF market remains well-positioned for further growth.

Macro Trends Reinforce Bitcoin ETF Momentum

Persistent inflation concerns and rate cut expectations continue to boost Bitcoin’s appeal as a hedge among macro-focused participants. Last week, the U.S., Germany, and Hong Kong led inflows, while Sweden, Canada, and Brazil led outflows. This gap in activity illustrates changing tastes for digital asset exposure across various geopolitical regimes.

Bitcoin led digital asset inflows with $557 million last week, down slightly but still dominating all categories. Short-Bitcoin products also posted modest gains, suggesting hedging activity alongside bullish positioning.

After a stellar performance in April, which saw a record-high $3.43 billion in net inflows, U.S.-listed crypto products suffered outflows in May for the first time since November 2022. Despite the recent outflows, the overall picture remains