BTC rallied to a May 12 high of $105,756 before retreating amid uncertainties surrounding the GENIUS Act. However, US BTC-spot ETF market inflows cushioned the downside, holding BTC above $100,000.
According to Farside investors, BTC-spot ETF issuers recorded total net inflows of $608.4 million in the week ending May 16. BlackRock’s (BLK) iShares Bitcoin Trust (IBIT) dominated, with net inflows of $841.7 million. Meanwhile, Fidelity Wise Origin Bitcoin Fund (FBTC) had net outflows of $122.2 million.
Notably, the US BTC-spot ETF market extended its inflow streak to five weeks.
ETF Store President Nate Geraci remarked on IBIT’s flows, stating:
“iShares Bitcoin ETF now w/ inflows 22 of past 23 days… $6+bil new $$$. This is legit inst’l & wealth management $$$ being allocated IMO. No view on price, but still think extremely early in mainstream “tradfi” adoption. Like top of the 1st inning. Maybe 2nd.”
The ongoing deployment of longer-term capital into BTC-spot ETFs could further support BTC price gains.
