US-listed spot bitcoin exchange-traded funds drew $812 million in cumulative net inflows over the first four trading sessions of May, according to issuer disclosures and ETF flow trackers, extending the recovery from the late-April outflow stretch that had drained the cohort of more than $400 million in a single week.

BlackRock’s iShares Bitcoin Trust (IBIT) led the inflows over the period, followed by Fidelity’s FBTC and Bitwise’s BITB. Grayscale’s converted GBTC product remained in modest net redemptions but at a slower pace than the early-2025 average.

What the flows look like

The four-session breakdown across the largest funds, in order of total net flows for the period:

  • IBIT (BlackRock) saw multi-day positive net creations and was the largest single contributor.
  • FBTC (Fidelity) was net positive across all four sessions.
  • BITB (Bitwise) was net positive across three of four sessions.
  • GBTC (Grayscale) saw net redemptions on three of four sessions.

Total spot ETF assets under management across the cohort sit above the prior peak set in early March, according to the same disclosures.

Context for the move

The inflow rebound coincides with bitcoin’s recovery from the mid-April pullback, with spot prices stabilising in the upper end of the recent range. Whether the flows are driving the price move, or whether the price move is pulling flows in, is the kind of attribution question that is generally only resolvable in retrospect.

What the data tells us with reasonable confidence is that after a soft late-April, demand for spot exposure via the regulated ETF wrapper picked up materially in the first week of May.

What we are watching next

Three things on our watchlist for the rest of the month:

  • Whether IBIT’s daily inflows hold above the longer-term average.
  • Whether GBTC redemptions continue to slow.
  • Whether the Hong Kong and European listings show a parallel pattern, which would suggest the flow story is global rather than US-specific.

We will update this story as the flow data for the remainder of the week is published.

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