On May 22, spot Bitcoin ETFs saw a total net inflow of $154 million, extending an eight-day streak of positive inflows. Conversely, the Grayscale Bitcoin Trust (GBTC) ETF experienced an outflow of $16.0914 million. BlackRock’s iShares Bitcoin Trust (IBIT) witnessed a single-day inflow of $91.9527 million, while Fidelity’s FBTC ETF and Ark Invest’s ARKB recorded inflows of $74.572 million and $3 million, respectively.

However, several other ETFs, including Bitwise’s BITB, VanEck’s HODL, Galaxy Digital’s BTCO, Valkyrie’s BRRR, Franklin Templeton’s EZBC, and WisdomTree’s BTCW, showed no activity for the day, according to data compiled by SoSoValue.

The increased interest in spot Bitcoin ETFs is attributed to a recent rise in BTC’s prices, which climbed 5% over the past week. On May 21, the leading cryptocurrency reached a six-week high of $71,600 before dropping below the $70,000 mark.

These inflows signify a growing adoption of Bitcoin in the traditional financial world, with notable involvement from established financial institutions.

According to K33 Research, as of March 31, 937 professional firms in the United States had invested in the spot Bitcoin ETF market. Among the largest investors were Millennium Management, a major hedge fund, and Susquehanna International Group (SIG), a global quantitative trading firm, with investments of $2 billion and $1 billion, respectively.

Bracebridge Capital, a Boston-based hedge fund managing funds for universities like Yale and Princeton, ranked third, closely followed by Boothbay Fund, a New York-based fund manager, with ETF purchases worth $434 million and $377 million, respectively.

Significant investments also came from leading US banking firm Morgan Stanley and advisory firm Pine Ridge Advisers, with totals of $269 million and $205.8 million, respectively.