For the second time in May, spot Bitcoin (BTC) ETFs have exceeded $300 million in inflows, with significant contributions from BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC).

Market data from Farside Investors indicates that these investment products saw $305 million in inflows on May 21 despite several ETF products, including the Grayscale Bitcoin Trust (GBTC) reporting zero flows. Notably, only two products experienced inflows, while two registered outflows.

BlackRock’s IBIT led the inflows with $290 million, with Fidelity’s FBTC reporting an inflow of $25.8 million. The Bitwise Bitcoin ETF (BITB) witnessed outflows amounting to $4.2 million, and VanEck Bitcoin Trust ETF (HODL) equally saw $5.9 million in capital exit.

Notably, IBIT surpassed FBTC in inflows for the second time this week, recording more substantial inflows for two consecutive days. This comes after FBTC led the market on several occasions last week, surpassing IBIT on days when the product saw zero flows. The ETF market has now seen $13.17 billion in positive net flows since its launch in January.

The recent wave of inflows has contributed to a surge in Bitcoin (BTC) value, which breached the $71,000 mark on Tuesday. The price upswing has sparked debate within the cryptocurrency community on whether the rally signifies the beginning of a bull market or the market reaching its peak.

Analyst Eric Balchunas had predicted long-term returns following the outflows in April. He noted that Bitcoin ETFs have already seen $1.3 billion in inflows in May, offsetting April’s negative inflows, bringing the total inflows since launch to $12.3 billion.