The digital asset market keeps a bullish trend with a fourth consecutive week of positive inflows, as reported by CoinShares. For the week ended May 9, digital assets saw a total of $882 million in inflows, which brings the year-to-date (YTD) total for 2024 to a stunning $6.7 billion. The vast majority of this week’s capital influx—$867 million—went directly into Bitcoin, reinforcing its dominant position in the crypto investment landscape. Ethereum, by contrast, recorded a modest $1.5 million in inflows; investor caution around the second-largest digital asset seems to be ever-present. CoinShares reports $882M in digital asset inflows last week, the fourth straight week, bringing 2024 YTD total to $6.7B. Bitcoin led with $867M, while Ethereum saw just $1.5M. U.S. crypto ETFs have now reached $62.9B in cumulative inflows. https://t.co/AHt0QEXBhN — Wu Blockchain (@WuBlockchain) May 12, 2025 This is a demand surge, especially funneled through U.S.-based spot Bitcoin exchange-traded funds (ETFs), that has sent cumulative inflows into these investment vehicles soaring. As of May 9, total cumulative inflows into U.S. crypto ETFs had reached $62.9 billion; and, by and large, the BTC part of the ETF still seems to be catching fire. (That’s despite, or perhaps in part because of, the closer-than-usual ETF approval timeline path outlook.) The total amount of Bitcoin held across U.S. spot ETFs now stands at around 1.175 million BTC. That’s just around 6,500 BTC shy of the all-time high of 1.182 million BTC held across U.S. spot ETFs. Moreover, in total inflow terms, this recent rally in the BTC price has completely offset any earlier outflows across this space. As of May 9, the total amount of $BTC held across US spot ETFs was approximately 1.175M BTC. This is just ~6.5K BTC below this metric's ATH of 1.182M $BTC . Recent inflows have now offset earlier outflows, signaling renewed demand strength for BTC: https://t.co/sBGkzJKI9V pic.twitter.com/BhG2Yh1l6O — glassnode (@glassnode) May 12, 2025 ETF Demand and First-Time Buyers Fuel the Rally Key catalysts for Bitcoin’s upward momentum have been ETF inflows. From May 5 to 9, U.S. spot Bitcoin ETFs saw $934 million in net inflows. This was the fourth week in a row that inflows had happened, making it look like something of a big relief rally. Or it was at least investors pouring fresh capital into what increasingly seems like a two-step crypto recovery. During last week’s trading days (May 5–9), Bitcoin spot ETFs recorded $934 million in net inflows, marking the fourth consecutive week of inflows. Ethereum spot ETFs saw $38.15 million in net outflows for the week. https://t.co/Yanotfbotb — Wu Blockchain (@WuBlockchain) May 12, 2025 In addition to the information regarding ETF data, blockchain analytics provide a clearer picture of what the newly emerging market entrants are up to. An item of note: the “First-Time Buyers RSI” (Relative Strength Index), which gauges demand from first-time Bitcoin buyers, not only held steady at 100 (the peak reading) for the entire week but also managed that feat in the context of some fairly obvious downside price action. Demand from first-time buyers is as strong as it ever gets. Yet, not all sentiment indicators suggest that the upside is clear and free. The “Momentum Buyers RSI” is still very much subdued and murky, at around 11. This RSI reading suggests that market makers and short-term traders have yet to fully re-engage with this market. Speculation is weak and getting weaker, despite the attractive price action that’s been booking new highs. $BTC Supply Mapping shows sustained strength in new demand. First-Time Buyers RSI has held at 100 all week. But Momentum Buyers remain weak (RSI ~11), and Profit Takers are rising. If fresh inflows slow, lack of follow-through could lead to consolidation: https://t.co/vHqbU4hrPt pic.twitter.com/Ghqynb296Y — glassnode (@glassnode) May 12, 2025 Miners in Profit, But Caution Looms The upswing in the market has also brought profits to Bitcoin miners. They earned more than $10.37 million in profits just last week, according to the latest data. With stable network hash rates, healthy inflation in transaction fees that are steadily contributing to revenue, and a sector that appears to be in solid shape, Bitcoin mining seems to be reinforcing the overall bullish backdrop. #Bitcoin $BTC miners have realized over $10.37 million in profits! pic.twitter.com/QbDQSUF0PG — Ali (@ali_charts) May 12, 2025 Nevertheless, increasing profit-taking appears to be underway, most visibly from holders with a longer-term orientation. On-chain indicators have detected a swelling number of wallets that seem to be moving their assets to exchanges, seemingly the precursor to cashing in their recent profit. This uptick in realized profit could apply some short-term downward pressure on the market; if the market wasn’t rangebound, we might’ve called this a pullback. Bitcoin’s near-term trajectory may hinge on the balance between new capital flowing into the space and existing holders cashing out. Total holdings in exchange-traded funds (ETFs) tracking Bitcoin are just shy of record levels. And cumulative inflows into U.S. crypto ETFs have now crossed $63 billion. Yet, without the space attracting new major interest and inflows from ETF momentum traders, it is possible the Bitcoin rally could morph into a sideways consolidating pattern. Looking Ahead The crypto market is growing. Investor behavior was initially a function of what investors thought about crypto itself. Now, it’s increasingly molded by three big things: 1. The inflation and interest rate backdrop. 2. Regulatory clarity. 3. The degree to which big institutions are getting involved. Inflows into Bitcoin-related ETFs are coming in steadily now, and the recent strength from fresh buyers is a good look for Bitcoin. But honestly, we’re a bit on edge, watching to see how long this runs without anything to come along and mess it up. Should inflows continue to be robust, Bitcoin might be situated to take another run at the all-time high price level. Alternatively, if demand weakens and profit-taking amounts to what some are calling “mopping the floor,” then the market may return to a consolidation phase awaiting a next catalyst. Currently, Bitcoin is firmly in the spotlight. It is propped up by institutional demand. It is underscored by a strong fundamental story. And it is closely watched by both optimists and skeptics. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
