ETF spot Bitcoin yang tercatat di AS membukukan sekitar $38 juta arus masuk bersih gabungan pada 25 Mei, menurut data arus ETF gabungan dari Farside Investors, CoinGlass, dan SoSoValue. Sesi tersebut menandai pemulihan moderat dalam permintaan institusional setelah periode yang bergejolak yang menyaksikan beberapa hari dengan arus keluar berskala besar pada awal Mei. Bitcoin diperdagangkan di kisaran $78.000 hingga $79.000 sepanjang sesi saat para trader memantau imbal hasil Treasury, ekspektasi inflasi, dan posisi institusional di seluruh pasar aset digital. Data ETF terbaru ini menyusul salah satu bulan paling volatil bagi produk investasi kripto di 2026, dengan aktivitas awal Mei mencatat lebih dari $645 juta arus keluar dalam satu hari, karena kenaikan imbal hasil obligasi dan ketidakpastian makro menekan selera institusional untuk aset berisiko.
Bitcoin ETF Flows Show Mixed Signals Across Major Funds
BlackRock's iShares Bitcoin Trust (IBIT) led inflows during the session, attracting roughly $24 million in new capital. Fidelity's Wise Origin Bitcoin Fund (FBTC) added approximately $11 million, while smaller inflows were recorded across Bitwise's BITB and VanEck's HODL products. Grayscale's GBTC continued experiencing redemptions, though at a significantly slower pace than earlier in the month.
Despite recent volatility, cumulative inflows into spot Bitcoin ETFs remain historically strong. U.S. Bitcoin ETFs attracted approximately $2.44 billion in net inflows during April, marking the sector's strongest monthly performance of 2026. Total assets under management across U.S. spot Bitcoin ETFs remain above $100 billion despite recent outflows. BlackRock's IBIT continues dominating market share within the sector, while Fidelity's FBTC remains one of the largest institutional Bitcoin investment products globally.
Institutional Capital Anchors Bitcoin Market Structure
Market participants increasingly view ETF flows as one of the most important drivers of Bitcoin price formation and institutional sentiment. Since the launch of U.S. spot Bitcoin ETFs in early 2024, institutional capital allocation has become a central component of crypto market liquidity and directional momentum.
ETF inflows have become structurally important because Bitcoin's post-halving issuance rate has fallen significantly following the April 2024 halving event. Approximately 450 new BTC are mined daily under the current issuance schedule, meaning sustained ETF demand can absorb newly created supply relatively quickly.
Institutional investors have also continued expanding crypto exposure through corporate treasury strategies, tokenized asset infrastructure, and derivatives markets. These overlapping demand channels have fundamentally changed Bitcoin market structure compared with earlier retail-driven cycles. At the same time, macroeconomic conditions continue weighing heavily on short-term sentiment, with investors focused on Federal Reserve policy expectations, inflation data, and global bond market volatility.
ETF Ethereum Terus Tertinggal Dibanding Produk Bitcoin
Sementara arus ETF Bitcoin sempat menstabil secara moderat pada 25 Mei, produk yang terkait Ethereum terus tertinggal. ETF spot Ethereum yang berbasis di AS mencatat sekitar $42 juta arus keluar bersih selama sesi, memperpanjang tren yang lebih luas tentang permintaan institusional yang lebih lemah terhadap produk yang berfokus pada ETH.
Arus Ethereum yang lebih lemah sebagian dikaitkan dengan ketidakpastian yang masih berlangsung terkait integrasi staking dalam struktur ETF yang teregulasi. Sejumlah penerbit terus mencari persetujuan untuk produk ETF Ethereum yang mendukung staking. Perbedaan antara arus ETF Bitcoin dan Ethereum telah melebar sepanjang 2026 karena investor institusional semakin memposisikan Bitcoin sebagai alokasi aset digital makro yang dominan. Ethereum terus mempertahankan posisi kuat dalam infrastruktur tokenisasi dan keuangan terdesentralisasi, tetapi permintaan ETF tertinggal dibandingkan produk Bitcoin.
