Spot Bitcoin (BTC) exchange-traded funds (ETFs) traded in the US reached a new all-time high of $40.3 billion

Byproduct of barely anyone leaving, left only a tiny hole to dig out of.

The post lifetime flows of spot bitcoin etfs hit a new all-time high of $40.3 billion in the US on may 8 as apex coin touched a seven-week high, according to bloomberg data.

lifetime net flows are the most critical metric related to etfs to follow, according to bloomberg senior etf analyst eric balchunas. This metric is “very hard to grow” and shows the “pure truth,” he explained.

“Impressive they were able to make it to new high water mark so soon after the world was supposed to end. Byproduct of barely anyone leaving, left only a tiny hole to dig out of,” assessed Balchunas.

After touching its lowest year-to-date price of $74,441.20 on April 7, Bitcoin gradually recovered above $103,000 by May 8.

The ETF flows tracked BTC’s price performance, with nearly $4.8 billion in net flows added between April 7 and May 8, according to Farside Investors data. This number represents over 10% of their lifetime flows.

Out of 23 trading days since BTC started its upward trajectory, only eight registered outflows, totaling $1 billion.

IBIT dominates

BlackRock’s IBIT registered over $4.4 billion in net flows, nearly 92% of the period’s net flows. Balchunas highlighted on May 5 that this is due to a pattern called “beta with a side of Bitcoin,” favoring IBIT. On the same day, IBIT was the eighth-largest ETF by year-to-date flows.

As of May 8, IBIT had $44.3 billion in net flows, nearly four times that of Fidelity’s FBTC, the second-largest spot Bitcoin ETF by net flows.

FBTC registered the second-largest net flows since Bitcoin started its recovery, with $192.4 million added. Notably, this is just 4.4% of all the flows added to IBIT.

According to a recent Glassnode report, along with improving retail sentiment, the strong inflows seen since April 7 suggest stronger tailwinds supporting the Bitcoin market.

The new all-time high in lifetime flows of spot Bitcoin ETFs amid an uncertain market reiterates the surging demand from institutional and traditional investors.