Spot Bitcoin ETFs Log Major Inflows as Market Enters Price Discovery Zone
BlackRock’s iShares Bitcoin Trust (IBIT) recorded its largest daily net inflow in over two weeks, pulling in $530.6 million on May 21 as Bitcoin approached $112,000 for the first time, according to data from Farside Investors.
This marks IBIT’s biggest inflow since May 5, when it brought in $531.2 million, and continues a six-week streak without any outflows — underscoring consistent investor demand.
“All the Bitcoin ETFs are elevated, most are gonna see 2x their average flows incoming,” said Bloomberg ETF analyst Eric Balchunas.
IBIT Dominates Trading Volume, Absorbs 10x Daily BTC Supply
On May 21 alone, IBIT acquired 4,931 BTC, more than ten times the 450 BTC mined globally that day — highlighting the supply shock effect institutional investors may be triggering via ETF demand.
The fund also saw its highest trading volume since January, when Bitcoin last touched its former all-time high. ETF Store President Nate Geraci noted that the inflow number may rise further given the elevated trading activity.
“This is a classic feeding frenzy,” Balchunas said, attributing the spike to Bitcoin’s explosive rally.
5/21 BlackRock Bitcoin ETF $IBIT net flow: 4,931 Bitcoin ($ 537.74 million)
(Highest volume traded since Jan. 23)
Volume: $6 billion https://t.co/XvVe3DsPal pic.twitter.com/y4PsaLJ2UU— Trader T (@thepfund) May 22, 2025
Total Spot ETF Inflows Reach $607M for the Day
Across all 11 spot Bitcoin ETFs, the total net inflow on May 21 hit $607.1 million, with Fidelity’s Wise Origin Bitcoin Fund (FBTC) coming in second with $23.5 million in inflows.
Bitcoin surged to a new all-time high of $111,897 on Coinbase late on May 21, and is currently hovering around $111,300, according to TradingView.
Bitcoin ETF Demand Could Accelerate With Fed Rate Cuts
Jeff Mei, chief operating officer at crypto exchange BTSE, told Cointelegraph that Bitcoin ETFs brought in $3.6 billion in May alone, adding that continued capital raises by public companies could keep fueling the trend.
“This could even accelerate if the Fed decides to cut interest rates in the coming months,” Mei noted.
Meanwhile, Jupiter Zheng, a partner at HashKey Capital, said the rally is likely entering “uncharted price discovery territory.” He warned of higher volatility driven by both the market’s breakout and ongoing geopolitical and macroeconomic uncertainty.
Final Thoughts: Institutional Appetite Shows No Signs of Slowing
The massive inflow into IBIT and other spot Bitcoin ETFs comes amid rising confidence from institutional players, who view Bitcoin as a strategic hedge against inflation and geopolitical instability.
With ETF volumes surging and Bitcoin repeatedly breaking all-time highs, analysts now expect further upside momentum, especially if macroeconomic conditions — including a potential Fed rate cut — create additional tailwinds for risk assets.
For now, ETFs appear to be the vehicle of choice for large-scale Bitcoin accumulation, and BlackRock continues to dominate the inflow leaderboard as capital floods into crypto’s first truly institutional bull market.
