Institutional Appetite for Spot Bitcoin ETFs Rebounds, Pulling In $3.8B Over Five Straight Weeks
U.S. spot Bitcoin exchange-traded funds (ETFs) extended their winning streak to five consecutive weeks of net inflows as hedging positions in the derivatives market continue to unwind, CoinDesk reported. Data shows net inflows totaled $1.05 billion in the week ended May 6, lifting cumulative inflows over the past five weeks to about $3.8 billion.
SoSoValue figures put total net assets across U.S. spot Bitcoin ETFs at $108.76 billion, a fresh record.
Bitcoin slipped 1.3% to around $81,100, according to the report. CoinGecko data indicates the largest cryptocurrency has surrendered earlier gains after Wednesday's price drop tied to news of a peace agreement in Iran. Bitcoin's local high was $82,500.
BTSE Washington Chief Operating Officer Jeff Mei said institutional investors are returning for three main reasons: expectations of a resolution to the U.S.-Iran conflict, AI-driven gains in equities, and anticipated crypto legislation. Mei singled out the upcoming CLARITY Act as the most likely catalyst for institutional buying, saying it would reduce regulatory barriers and support broader crypto adoption.
The persistent strength in ETF inflows is arriving alongside changes in options and derivatives positioning. Glassnode said Thursday that the 25-delta skew—which tracks the premium traders pay for put options or short exposure to hedge downside—is moving toward neutral across maturities, with the one-week skew nearing zero. After months of elevated put premia, the market is unwinding protection rather than adding it, pointing to easing risk aversion.
Glassnode analysts said Bitcoin has retaken two key on-chain levels: the Realized Market Mean at $78,200 and the Short-Term Holder Cost Basis at $79,100, putting price back above the average cost basis of the active supply. The next major supply zone is near the active realized price of $85,200.
Andri Fauzan Adziima, Head of Research at Bitrue Institute, said that even when institutions hedge ETF exposure by selling perpetual futures to run delta-neutral strategies, the net impact still tightens spot demand versus available supply. He described the dynamic as a sign of market maturation rather than a weakening of bullish signals.
Looking ahead, despite ongoing geopolitical tension, Bitcoin has outperformed traditional assets and continued to attract interest as a hedge. Users on prediction markets cited by Decrypt's parent company Dastan assign an 86% probability that Bitcoin's next move targets $84,000 rather than $55,000.
