Emre Yumlu 
On May 8, Bitcoin once again surpassed the $100,000 threshold, with institutional players continuing their accumulation through spot ETFs. Leading the pack in inflows were ARK 21Shares, Fidelity, and BlackRock, indicating strong ongoing interest from major financial firms.
Multi-Million Dollar Inflows Highlight Growing Institutional Appetite
According to data from Farside Investors, spot Bitcoin ETFs recorded a net inflow of $142.3 million on May 7. Alex Obchakevich, founder of Obchakevich Research, noted that this sustained inflow reflects continued demand from institutional investors:
“These inflows suggest that asset managers and hedge funds are actively accumulating Bitcoin via regulated products.”
ARK 21Shares’ ETF (ARKB) led the day with $54 million in inflows, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with $39 million, and BlackRock’s iShares Bitcoin Trust (IBIT) with $37 million. On-chain data also revealed that BlackRock acquired 86 BTC—worth roughly $8.4 million—in a single transaction on May 7.
Staying Above $100K: A Signal of Strength?
Momentum carried over to May 8, when Bitcoin ETFs attracted another $117 million in inflows. IBIT led that day with $69 million, followed by FBTC with $35 million and ARKB with $13 million.
Obchakevich also pointed to a rising correlation between Bitcoin and tech stocks, particularly the Nasdaq:
“The BTC-Nasdaq correlation has climbed to 0.75, indicating that broader tech market sentiment is playing a role in Bitcoin’s movement.”
He further explained that this upward trend can be traced back to May 2, when IBIT saw a massive $675 million inflow. Unless disrupted by significant geopolitical or macroeconomic events, this accumulation trend is likely to persist.
Why GBTC Is Moving Differently
While most ETFs showed strong inflows or stable holdings, Grayscale’s Bitcoin Trust (GBTC) has continued to see outflows. Still, Obchakevich doesn’t view this as a threat to the broader bullish narrative:
“The lack of major outflows from other key ETFs suggests that institutional confidence remains intact.”
GBTC’s outflows are being driven by a different set of factors. Its relatively high fee structure (~1.5%) is pushing investors toward lower-cost alternatives. Additionally, Obchakevich attributes the exits to regional tensions and political uncertainty:
“The combination of high fees, political instability, and tensions between countries like Pakistan and India is shaking investor confidence in GBTC specifically.”
Long-Term Outlook: Institutional Support Remains Robust
Consistent capital inflows into spot ETFs point to a strategic, long-term approach by institutional investors. GBTC’s declining interest doesn’t signal weakened demand but rather a shift toward more efficient vehicles in the market.
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