The combined U.S. spot Bitcoin and Ethereum exchange-traded funds generated $1.05 billion in combined net inflows on Thursday — the highest daily figure since January amid BTC’s latest all-time high and ETH’s best run in months.
The spot Bitcoin ETFs brought in $934.8 million on May 22, according to data compiled by The Block — the most since Jan. 17, just before bitcoin’s prior record high. Yesterday’s flows were dominated by BlackRock’s IBIT with $877.2 million. Fidelity’s FBTC and Ark Invest’s ARKB also attracted net inflows of $48.7 million and $8.9 million, respectively, while the remaining funds saw zero flows for the day.
BlackRock’s IBIT recently entered the top five of all ETFs by year-to-date flows after going “Full Pac-Man” during the past month, in the words of Bloomberg Senior ETF Analyst Eric Balchunas, bringing in more than $7.7 billion since April 22, as its assets under management soar to $68.7 billion.
Thursday’s flows extended the spot Bitcoin ETFs’ positive streak to seven days, totaling $3.2 billion, as year-to-date figures reach $9.1 billion and total cumulative inflows since their January 2024 debut hit $44.6 billion.
Meanwhile, the U.S. spot Ethereum ETFs registered $110.5 million worth of net inflows on Thursday — their biggest daily addition since Feb. 4 — as ether enjoys its most positive price action in months. Grayscale’s ETHE and ETH products brought in $$43.7 million and $18.9 million, respectively. Fidelity’s FETH attracted $42.2 million and Bitwise’s ETHW generated $5.7 million. However, the remaining funds, including BlackRock’s ETHA, witnessed zero flows.
The spot Ethereum ETFs’ own positive run is now in its fifth day, totaling $211.8 million, with year-to-date inflows at $61.9 million and total cumulative flows reaching $2.7 billion.
“ETF inflows were exceptionally strong yesterday — both figures significantly exceeding recent daily averages and driving continued market strength,” BRN Lead Research Analyst Valentin Fournier said.
Galaxy Head of Franchise Trading Michael Harvey told The Block his gut feeling is that some of this demand is being met by sales of seized assets from foreign governments and profit-taking by retail investors. “However, the combination of a ‘risk-on’ environment and corporate buying are dominating flows currently,” he said.
Price discovery
Bitcoin has entered price discovery having broken the prior Jan. 20 all-time high of around $109,000 on Wednesday, then tapping $112,000 briefly on Thursday. The foremost cryptocurrency has gained 7% over the past week after fully recovering from a 32% decline to below $75,000 in recent months, according to The Block’s Bitcoin Price page.
In contrast, ether has failed to make a new all-time high so far this cycle. It reached $4,111 in December, but that was still around 16% below its November 2021 record of around $4,870. It subsequently underperformed, dropping 66% against the U.S. dollar to $1,392 by April 7, and 50% against bitcoin during the same period. However, it has since rebounded strongly, gaining 91% to reach a current price of $2,668 per The Block’s Ethereum Price page.
Thomas Erdösi, Head of Product at CF Benchmarks, told The Block that given the lower levels of volatility compared to the December and January highs and little evidence of traders using heavy leverage to capture spot–futures spreads, the “rally still looks measured, not euphoric — leaving room for further upside.”
However, the weekend poses a short-term risk, and with institutional flows absent, bitcoin’s price discovery may lose steam, BRN’s Fournier warned. Nevertheless, recent outperformance by ETH and SOL indicates a growing appetite for altcoins as retail capital rotates out of BTC following recent highs, he said.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
