After April Surge, Bitcoin ETFs Enter Cooling Phase With Modest Gains

After weeks of intense institutional activity that helped push Bitcoin above $100,000, inflows into U.S. spot Bitcoin ETFs took a breather between May 6 and May 12.

The latest figures reflect a transition from aggressive accumulation to measured consolidation, as investors recalibrate following a record-setting April.

Net flows during the period were mixed, starting with a sharp $85.7 million outflow on May 6 and ending with a mild inflow of just $5.2 million on May 12. Despite this slowdown, Bitcoin’s price steadily climbed from around $96,800 to over $104,000, suggesting investor confidence remains intact even as ETF momentum momentarily softens.

Rather than signaling a retreat, the tapered flows appear to be part of a natural pause. With BTC hovering near a psychologically significant level, some short-term holders may be taking profits while others are opting to wait before entering at higher valuations.

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Analysts view this period less as a pullback and more as a digestion phase, especially after the sharp inflows seen throughout late April. The underlying demand has not vanished—it has simply moderated.

The next phase may hinge on Bitcoin’s ability to hold its ground above $100K. While large inflows have cooled, continued net-positive activity, even at lower volumes, could help sustain upward momentum. If institutional buying fails to pick up again soon, however, price stability may become more fragile in the short term.

Alexander Stefanov