Spot BTC ETFs in the U.S. attracted inflows for 5 straight weeks; last week alone brought in $1.05 billion, and total assets surged to $108.7 billion

U.S. spot Bitcoin ETFs have pulled in capital for 5 consecutive weeks, and the net inflow in a single week has turned into “real institutional buy pressure.” Decrypt’s report summarizes the key factors behind this round of buying: as of the week of May 6, U.S. spot BTC ETFs recorded net inflows of $1.05 billion, with about $3.8 billion in cumulative inflows over 5 weeks, and total assets under management reaching $108.76 billion, a new all-time high. Market observers note that the feature of this round of buying is not purely delta-neutral arbitrage, but real spot demand—multiple institutions have been gradually unwinding existing hedged short positions and shifting to net long exposure.

Numbers recap: $3.8 billion cumulative inflows over 5 weeks, $1.05 billion last week hits a recent high

Specific figures for this round of BTC ETF fund flows:

As of the week of May 6: net inflows of $1.05 billion

5 consecutive weeks of net inflows: cumulative inflows of about $3.8 billion

U.S. spot BTC ETF total assets under management: $108.76 billion (all-time high)

This level of inflows has pushed this round of buying beyond the small rebound in early April, confirming that institutions are rebuilding their BTC positions rather than doing only short-term positioning.

Hedging unwind signals: institutions shift from delta-neutral to outright net long

Market observers point out that, over the past few months, some institutions have operated BTC positions using a delta-neutral structure of “ETF long + futures short”—earning from spot-futures price spreads while not taking directional risk. During this round of buying, these hedged short positions were gradually closed out, meaning institutions shifted from neutral to actual net long exposure.

Historical experience shows that when large delta-neutral positions are simultaneously unwound, if BTC’s price rises and accelerates, it may trigger further upside momentum from a short squeeze. The resumption of BTC ETF inflows is consistent with this signal’s direction.

Three major drivers: expectations of the Iran war easing, AI lifting equities, and the CLARITY Act nearing legislation

Market observers cite three drivers for institutions returning to BTC exposure:

Expectations of conflict with Iran eased—on May 6, progress in Trump’s peace agreement talks with Iran brought oil prices down and lifted risk assets

AI lifts U.S. tech stocks—Nasdaq hits new highs, and overall risk-asset sentiment improves

CLARITY Act timetable becomes concrete—on May 6, the White House publicly set a goal of passage on July 4; institutions expect the legislative process to become clearer, reducing regulatory uncertainty

Specific trackable events going forward: whether weekly BTC ETF net inflow figures can be sustained, the May Senate Banking Committee’s progress reviewing the CLARITY Act article by article, and the outcome of the Iran 48-hour memorandum negotiation. With all three external variables turning favorable at the same time, that is the prerequisite condition for the sustainability of this round of buying; if any reverses, buying momentum could weaken quickly.

This article, “U.S. BTC spot ETFs suck in money for 5 consecutive weeks, $1.05 billion last week, total assets hit $108.7 billion,” first appeared on Lianxin ABMedia.