The resurgence in flows into U.S. spot bitcoin exchange-traded funds (ETFs) persisted last week, recording a substantial $948.3 million in net inflows. This robust inflow, coupled with the $116.8 million worth of net inflows from the preceding week, has fully recuperated the ETFs from four consecutive weeks of outflows throughout most of April, amassing a total of $1.05 billion in inflows.

Notably, there were no instances of total net outflows observed for the combined funds throughout last week. While Grayscale's higher-fee GBTC experienced modest daily net outflows, totaling $50.9 million on Tuesday, this was offset by $63.2 million in net daily inflows across the remaining days of the week, resulting in GBTC generating $12.3 million in net weekly inflows—the first recorded by the converted product.

Fidelity's FBTC led the pack in terms of net inflows for the second consecutive week, accruing $344.5 million, followed closely by Ark Invest's ARKB with $243.7 million. BlackRock's IBIT spot bitcoin ETF, which had previously dominated until experiencing zero-flow days in recent weeks, secured the third position last week, garnering $131.8 million in net inflows.

With total net inflows since the inception of ETF trading in January now surpassing the $12.5 billion mark, it's evident that investor interest in these instruments remains robust.

Despite the substantial slowdown in overall flows compared to the peak witnessed on March 12—a net daily inflow of $1.05 billion—bitcoin's price has surged by approximately 8% over the past seven days, currently trading at $67,236.

Last week's inflows were largely prompted by the milder U.S. CPI report on Wednesday, with over 80% of the total weekly flows occurring in the last three trading days, as highlighted by CoinShares Head of Research James Butterfill.

However, despite the dominance of bitcoin flows, Ethereum has continued to experience bearish sentiment amidst uncertainties surrounding the SEC's approval of a spot-based ETF this week, resulting in further outflows of $23 million last week.

Trading volume for the U.S. spot bitcoin ETFs slightly increased last week, reaching $8.5 billion compared to $7.4 billion in the previous week.

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