As the crypto world eagerly awaits the approval of spot Ethereum ETFs, institutional investors are intensifying their involvement in Bitcoin ETFs. U.S. spot Bitcoin ETFs have seen outflows for eight consecutive days as of Wednesday, May 22.

However, this trend has not deterred BlackRock, which has experienced a notable surge in inflows for its Bitcoin ETF, IBIT. On May 22, the net inflow of Bitcoin spot ETF amounted to US$154 million, extending the streak of net inflows for eight consecutive days, per the data from Farside Investors.

Grayscale ETF GBTC experienced an outflow of $16.0914 million on Wednesday, while BlackRock ETF IBIT recorded a single-day inflow of $91.9527 million. Additionally, Fidelity ETF FBTC saw an inflow of $74.572 million on the same day. With this development, BlackRock is on the verge of overtaking GBTC as the largest Bitcoin ETF with the most assets under management.

Bitcoin ETFs have been hitting another milestone while accumulating more than 850,000 Bitcoins so far. Similarly, the global ETFs are close to accumulating more than 1 million BTCs, indicating a growing demand for these investment products worldwide.

On Wednesday, May 22, WisdomTree, a leading global asset manager, received authorization from the U.K. Financial Conduct Authority (FCA) to introduce Exchange-Traded Products (ETPs) for Bitcoin and Ethereum on the London Stock Exchange (LSE). This news holds true only for physically backed Bitcoin ETFs, with two from WisdomTree set to commence trading initially.

Despite modest capital inflows, the decrease in selling activity and a reduction in volatility indicate the potential for a significant market shift in the near future, according to Glassnode analytics. As the crypto community continues to monitor the progress of spot Ethereum ETFs, the growing interest in Bitcoin ETFs suggests a promising future for institutional investment in the digital asset space.