U.S. Spot Bitcoin ETFs Record Five-Week Inflow Streak

U.S. spot Bitcoin exchange-traded funds recorded five consecutive weeks of positive inflows, totaling about $3.8 billion, and pushed combined net assets to a record $108.76 billion. Net inflows for the week ending May 6 were roughly $1.05 billion.

Derivatives markets showed a reduction in downside protection after a period of higher demand for put options. The 25-delta skew, a measure of the premium for buying protective puts, compressed toward neutral across contract tenors, with the one-week skew approaching zero, indicating traders are reducing previously purchased protection.

Bitcoin traded near $81,100, down about 1.3% on the day after a short-term high near $82,500 following reports of progress toward resolving hostilities in the Middle East. On-chain analytics from Glassnode show Bitcoin has cleared the True Market Mean at about $78,200 and the Short-Term Holder Cost Basis near $79,100, meaning actively transacted supply is trading above recent acquisition levels. The next material supply zone sits near the Active Realized Price at $85,200, which market participants view as resistance until demand absorbs that liquidity.

Market participants point to several factors behind renewed institutional interest: expectations of reduced geopolitical risk, an equity rally tied to gains from artificial intelligence, and pending U.S. legislation to clarify crypto markets. Jeff Mei, chief operating officer of BTSE, identifies the Digital Asset Market Clarity Act as a probable driver of institutional buying because it would lower regulatory hurdles and could broaden adoption.

A White House digital assets adviser has targeted July 4 for House passage of the Clarity Act and outlined a timeline of committee and floor votes in the weeks before that date. “I think that would be a tremendous birthday present for America, celebrating our 250th,” the adviser said when discussing the deadline.

Some institutions continue to hedge ETF exposure with derivatives such as short perpetual contracts to run delta-neutral strategies. Andri Fauzan Adziima, research lead at Bitrue Research Institute, noted that while hedging activity takes place, the net effect of ETF spot buying and related strategies tightens available spot supply.

The combination of large spot ETF purchases and easing protective option positions reduces immediately available Bitcoin on exchanges and limits the price insurance demand among options desks. A prediction market, Myriad, assigned an 86% probability that Bitcoin’s next significant move will push toward $84,000 rather than a drop to $55,000. Market watchers will monitor legislative developments, geopolitical news and ongoing options positioning for signs of whether the current flow pattern and risk appetite will continue.