The flow of funds into U.S. spot bitcoin exchange-traded funds (ETFs) saw a significant resurgence in the past week, with a substantial $948.3 million in net inflows. This influx, combined with the $116.8 million from the previous week, successfully reversed the trend of outflows that persisted for four consecutive weeks in April, accumulating a total of $1.05 billion in inflows.

Throughout the week, there were no instances of total net outflows across the combined funds. While Grayscale's GBTC experienced some modest daily net outflows, amounting to $50.9 million on Tuesday, it was balanced by $63.2 million in net daily inflows for the rest of the week, resulting in GBTC recording $12.3 million in net weekly inflows—a first for the converted product.

Fidelity's FBTC led in terms of net inflows for the second week in a row, gathering $344.5 million, closely followed by Ark Invest's ARKB with $243.7 million. BlackRock's IBIT spot bitcoin ETF, which had been a dominant player until recent zero-flow days, secured the third spot last week with $131.8 million in net inflows.

The total net inflows since the start of ETF trading in January have now surpassed $12.5 billion, indicating a sustained interest from investors in these financial instruments. Despite a slowdown in overall flows compared to the peak on March 12, where there was a net daily inflow of $1.05 billion, bitcoin's price has seen an approximately 8% increase in the past week, currently trading at $67,236.

The recent inflows were largely influenced by the milder U.S. CPI report last Wednesday, with more than 80% of the total weekly flows occurring in the final three trading days, as pointed out by CoinShares Head of Research, James Butterfill.

While bitcoin flows dominated, Ethereum faced bearish sentiment due to uncertainties surrounding the SEC's decision on a spot-based ETF, leading to outflows of $23 million last week. Trading volume for U.S. spot bitcoin ETFs saw a slight uptick, reaching $8.5 billion compared to the previous week's $7.4 billion.

BlackRock's IBIT achieved a record market share by trading volume of 55.2% on Thursday, narrowing the gap with Grayscale's GBTC fund in terms of assets under management. IBIT now holds over 276,759 BTC ($18.6 billion) compared to GBTC's 288,954 BTC ($19.4 billion), as per their respective fund pages.