For the second time this May, spot Bitcoin (BTC) exchange-traded funds (ETFs) have recorded inflows exceeding $300 million, with notable contributions from BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC).

Data from Farside Investors reveals that these ETFs collectively attracted $305 million in inflows on May 21, despite some ETF products, including the Grayscale Bitcoin Trust (GBTC), reporting zero flows. Remarkably, only two products witnessed inflows while two experienced outflows.

Leading the inflows was BlackRock’s IBIT, receiving $290 million, followed by Fidelity’s FBTC, which recorded an inflow of $25.8 million. Conversely, the Bitwise Bitcoin ETF (BITB) witnessed outflows totaling $4.2 million, while the VanEck Bitcoin Trust ETF (HODL) saw capital exit amounting to $5.9 million.

Of significance is IBIT’s consecutive dominance in inflows over FBTC for the second time this week, following FBTC’s lead in the market on multiple occasions last week. Since its launch in January, the ETF market has seen a total of $13.17 billion in positive net flows.

The recent surge in inflows has coincided with a notable uptick in Bitcoin (BTC) value, breaching the $71,000 mark on Tuesday. This price rally has ignited discussions within the cryptocurrency community regarding its implications, with debates emerging on whether it signifies the onset of a bullish trend or the market approaching its peak.

Analyst Eric Balchunas had previously forecasted long-term returns following April’s outflows. He highlighted that Bitcoin ETFs have already amassed $1.3 billion in inflows in May, offsetting April’s negative figures and bringing total inflows since launch to $12.3 billion. As the cryptocurrency market continues to evolve, the influx of institutional capital into Bitcoin ETFs underscores growing investor interest in digital assets and their potential for long-term growth.