Market Musings - April Showers Bring May Flowers

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BTC Spot ETFs — May Flowers Blossom Into $2Bn Of Net Inflows

Reminder, Delphi’s BTC Spot ETF Flow Tracker can be found here.

Coming into the final week of May, ETF flows have been impressive, consistently outpacing outflows, with GBTC being the main antagonist as expected. This is the first time in over two months that we’ve seen such consistent inflow levels.

It’s no coincidence that BTC is trading just a few percentage points below its all-time highs, especially considering its performance a few months ago under similar dynamics with respect to ETF flows.

The final week of the month has been less impressive in terms of inflow magnitude (~$400m this week vs ~$700m last week). However, the ETF inflow streak continues, extending the run to 14 consecutive days of ETF inflows.

Much of this continued inflow streak can be attributed to the return of the IBIT bid, which has dominated inflow statistics. These IBIT flows have frequently offset some of the largest GBTC outflows seen in recent weeks.

When the dust finally settled, BTC spot ETFs saw just over $2Bn in net inflows for the month of May.

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