Spot Bitcoin exchange-traded funds (ETFs) in the United States are on track for a potentially historic month, as recent inflows have significantly contributed to Bitcoin’s surge to new all-time highs, fueled by increasing institutional interest.
According to data from Sosovalue, U.S.-based spot Bitcoin ETFs attracted more than $1.5 billion in combined inflows across May 21 and 22 — $608 million and $934 million, respectively. If this momentum continues, total monthly inflows could reach around $6.68 billion, surpassing the previous record of $6.49 billion set in November 2024.
These ETF inflows have coincided with Bitcoin reaching an all-time high of $112,000 on May 22, before stabilizing above $110,700 by May 23 — a weekly gain of more than 19%, based on TradingView data.
Commenting on the trend, Stella Zlatareva, dispatch editor at Nexo, noted that the strong inflows and Bitcoin’s upward movement reflect growing institutional participation and rising profitability, all occurring without significant selling pressure. “The combination of institutional buying, balance sheet shifts, and macroeconomic instability underscores that Bitcoin is no longer just an alternative asset — it’s increasingly seen as a benchmark,” she said.
Adding to this sentiment, analysts highlighted a $1 billion Bitcoin withdrawal from Coinbase on May 9 as further evidence of heightened institutional interest.
Bitcoin Headed for $200K in 2025?
Bitwise’s Head of European Research, André Dragosch, suggested that these sustained institutional flows could push Bitcoin past the $200,000 mark before the end of 2025. “That’s our base case — assuming the U.S. government doesn’t intervene. If they do, and begin direct Bitcoin purchases using budget-neutral methods, the price could climb closer to $500,000,” Dragosch said.
Looking further ahead, Bitwise projects Bitcoin could hit $1 million by 2029, expecting its total market capitalization to surpass that of gold, which is widely regarded as the primary safe-haven asset.
Despite this bullish outlook, Bitcoin’s current $2.2 trillion market cap still trails significantly behind gold’s estimated $22.3 trillion. Even so, BTC has risen to become the fifth-largest asset globally, according to data from CompaniesMarketCap.
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