For the second time in May, spot Bitcoin (BTC) ETFs have surpassed $300 million in inflows. Significant contributions came from BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC).

Market data indicates these investment products saw $305 million in inflows on May 21. Notably, only two products experienced inflows, while two registered outflows. BlackRock’s IBIT led with $290 million, followed by Fidelity’s FBTC with $25.8 million. In contrast, the Bitwise Bitcoin ETF (BITB) saw outflows of $4.2 million, and VanEck Bitcoin Trust ETF (HODL) experienced $5.9 million exiting.

IBIT surpassed FBTC in inflows for the second time this week, recording more substantial inflows for two consecutive days. This follows a period where FBTC led the market on several occasions, surpassing IBIT on days when the product saw zero flows. The ETF market has now seen $13.17 billion in positive net flows since its launch in January.

The recent wave of inflows has contributed to a surge in Bitcoin (BTC) value, breaching the $71,000 mark on Tuesday. This price upswing has sparked debate within the cryptocurrency community on whether the rally signifies the beginning of a bull market or the market reaching its peak.

Analyst Eric Balchunas predicted long-term returns following the outflows in April. He noted that Bitcoin ETFs have already seen $1.3 billion in inflows in May, offsetting April’s negative inflows, bringing the total inflows since launch to $12.3 billion.

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