The market for Spot Bitcoin ETFs saw substantial investor activity last week, highlighted by consistent net inflows and notable performances from major funds. These ETFs recorded over 15,000 BTC in inflows, surpassing the monthly supply of newly mined BTC.

Weekly Inflows of Spot Bitcoin ETFs

The week began strongly on Monday, May 20, with U.S. Spot Bitcoin ETFs registering inflows exceeding $241 million. Grayscale’s GBTC fund saw an influx of $9.35 million despite CEO Michael Sonnenshein's resignation, marking its fifth consecutive day of net inflows. ARKB, managed by Ark Invest and 21Shares, attracted $68.28 million, while BlackRock’s IBIT saw $66.35 million in inflows.

On Tuesday, the momentum continued, with Spot Bitcoin ETF inflows totaling $305.7 million. BlackRock’s iShares Bitcoin Trust (IBIT) led the charge, recording an impressive $290 million in inflows according to Farside UK data. Fidelity’s FBTC also contributed significantly with $25.8 million. However, Grayscale’s GBTC saw no inflows on this day. In contrast, the Bitwise Bitcoin ETF (BITB) and VanEck’s HODL experienced outflows of $4.2 million and $5.9 million, respectively.

The positive trend persisted on Wednesday with net inflows of $154 million, marking eight consecutive days of inflows. BlackRock’s IBIT continued to attract significant investments, bringing in $91.95 million. Fidelity’s FBTC also performed well, registering $74.57 million in inflows, although Grayscale’s GBTC faced an outflow of $16.09 million.

On Thursday, Bitcoin ETFs maintained their strong performance with net inflows of $107 million, making it nine consecutive days of positive inflows. BlackRock’s IBIT led again with $89 million in inflows, followed by Fidelity’s FBTC with $19.12 million. VanEck’s HODL accounted for $9 million, while Ark 21Shares’ ARKB and Invesco Galaxy’s BTCO each recorded net inflows of $2 million. Grayscale’s GBTC, however, saw an outflow of $13.72 million.

The week ended with a total net inflow of $252 million on Friday, May 24, extending the streak to ten consecutive days. BlackRock’s IBIT recorded a strong inflow of $182 million, while Fidelity’s FBTC saw a significant inflow of $43.7083 million. Grayscale’s GBTC had a neutral day with neither inflows nor outflows.

Michael Saylor Praises Strong Inflows

BlackRock continues to dominate the Bitcoin ETF market, steadily closing the gap with Grayscale. Currently, BlackRock’s IBIT holds 284,526 Bitcoins worth $19.32 billion, while Grayscale’s GBTC holds 289,257 Bitcoins valued at $19.64 billion.

MicroStrategy CEO Michael Saylor commended the strong performance of these ETFs, praising the global BTC ETF market. In a post on X, he stated, “Bitcoin held by 28 Spot ETFs is approaching 1 Nakamoto,” suggesting that 1 million BTC could soon be locked into these investment products.

As of the latest update, U.S. Bitcoin ETFs hold a significant reserve of 855,702 BTC, while global ETFs hold 991,336 BTC. This indicates that within the next week, the total could surpass 1 million BTC.

This trend is potentially very bullish for Bitcoin’s price. These ETFs acquired 15,421 BTC this week, significantly more than the 13,500 BTC mined in a month. This could lead to a supply crunch, as Bitcoin exchange reserves are also decreasing due to significant accumulation by large investors.