#Gate广场五月交易分享
Has the driving force behind the big surge been found? - Institutional funds accelerating their return, creating this mini bull market
What exactly happened in early May? Why did Bitcoin suddenly start rising, and why is the market so strong, refusing to pull back? Data shows that institutional funds are rapidly flowing back into crypto assets, showing a configuration pattern of “Bitcoin as the main, Ethereum as the auxiliary.” This round of big gains may be a bull created by institutions.
According to data from May 5:
Bitcoin spot ETF’s net inflow for the day reached $532 million, with BlackRock’s IBIT contributing $335 million, and Fidelity’s FBTC inflow of $184 million.
Ethereum ETF’s net inflow on the same day was $97.58 million, with Blackstone’s ETHA accounting for $69.48 million, and Fidelity’s FETH for $24.23 million.
Additionally, by reviewing top institutional digital currency ETF products, it can be seen that since April, institutional inflows have been significant:
Bitcoin ETF: The absolute mainstay of institutional allocation
1. BlackRock iShares Bitcoin Trust (IBIT)
This is undoubtedly the “money magnet” in this round of institutional accumulation. On May 1, the net inflow for the day reached $284 million, and on May 5, it surged further to $335 million, leading the entire market for multiple days. During the nine consecutive days of gains from April 14 to 24, IBIT was also the core channel for fund inflows. BlackRock’s chairman’s disclosure that its digital asset AUM has approached $150 billion by 2026, with IBIT as its flagship product, makes it the core vehicle for traditional asset managers’ systematic layout into crypto assets.
2. Fidelity Wise Origin Bitcoin Fund (FBTC)
Following BlackRock, on May 1, inflow was $213 million, and on May 5, another $184 million. Fidelity’s early and well-established presence in crypto infrastructure has led to continuous incremental funding for FBTC, reflecting long-term recognition by veteran asset managers of Bitcoin as “digital gold.”
3. Ark 21Shares Bitcoin ETF (ARKB)
On May 1, net inflow was $88.5 million, performing notably among small- and mid-sized Bitcoin ETFs. Cathie Wood’s team has always regarded Bitcoin as the “benchmark currency of the digital asset era,” and the continuous inflow into ARKB indicates some institutional investors agree with this long-term narrative.
4. Morgan Stanley Bitcoin ETF (MSBT)
On April 24, the single-day net inflow was about $11.13 million, with total net inflow reaching approximately $153 million. As a product launched by Wall Street’s top investment bank, the growth in MSBT holdings signals that traditional wealth management channels are beginning to include Bitcoin in client asset allocations.
Ethereum ETFs: Incremental funds start to follow
5. Blackstone iShares Ethereum Trust (ETHA)
On May 5, net inflow was $69.48 million, making it the most outstanding product among Ethereum ETFs. In the previous week, ETHA also recorded a weekly inflow of $133 million, far surpassing similar products. Blackstone’s layout in Ethereum ETFs complements its Bitcoin products, reflecting that some institutions are beginning to see ETH as a “second pillar” of crypto asset allocation.
6. Fidelity Ethereum Fund (FETH)
On May 5, net inflow was $24.23 million. However, it’s worth noting that FETH experienced a large outflow of $218 million in the previous week, indicating significant fund volatility. This reflects that institutional attitudes toward Ethereum still vary—before upgrades are implemented and regulatory frameworks are clarified, some funds prefer to take profits temporarily.
The flow of funds indicates:
1. Institutions still primarily focus on Bitcoin: The single-day inflow of Bitcoin ETFs is about 5.5 times that of Ethereum, reflecting that mainstream funds prefer to establish crypto exposure through BTC during this rally.
2. Leading asset management firms dominate fund flows: Products from traditional giants like BlackRock, Blackstone, and Fidelity have become the main sources of capital, showing that traditional finance’s acceptance of crypto assets continues to grow.
3. The market has entered a “structural buy” phase: Previously, ETF fund flows fluctuated greatly over several weeks, but the concentrated inflows in early May broke the outflow trend, marking that institutional investors have re-established a bullish stance after the price broke $80k.
Folks, what do you think about institutional inflows creating this bull market? How long can this “institutional bull” last? Has the market reversed? Leave your comments below!
