Investors Flock to Bitcoin ETFs as BTC Hits New All-Time High
The inflows into US spot Bitcoin ETFs are driven by both institutional and retail investors amid BTC's rally to a new all-time high. IBIT alone absorbed over 4,900 BTC in one day. A trader named James Wynn also stunned the crypto world by building a $1.1 billion long Bitcoin position at 40x leverage on Hyperliquid, which triggered a buzz across trading communities. Meanwhile, Texas took a historic step by passing SB 21, which aims to create a state-managed Bitcoin reserve.
BlackRock Leads Bitcoin ETF Inflow Stampede
BlackRock’s iShares Bitcoin Trust (IBIT) saw a massive surge in activity on May 21, and recorded its largest single-day inflow in over two weeks. This was thanks to institutional and retail investors piling into US spot Bitcoin ETFs amid the rally in the crypto market. According to Farside Investors, IBIT posted net inflows of $530.6 million, which is just shy of the daily record of $531.2 million that was set earlier this month on May 5. Since April 9, the ETF has not experienced a single day of outflows.
The most recent inflow figure is particularly striking when considering that IBIT absorbed 4,931 BTC in a single day. This is more than 10 times the amount of Bitcoin that was mined on the same day, which stood at just 450 BTC. In addition to this, IBIT also saw its busiest trading day since January, which is a signal of heightened investor interest and activity. Nate Geraci, president of the ETF Store, said that based on the trading volume, even higher inflow numbers could be on the way.
Other spot Bitcoin ETFs also mirrored this bullish momentum. Across all 11 spot ETFs, the total net inflows reached $607.1 million for the day. The Fidelity Wise Origin Bitcoin Fund (FBTC) came in second behind IBIT, pulling in $23.5 million.
Bloomberg’s senior ETF analyst Eric Balchunas described the inflow spike as a “classic feeding frenzy,” and pointed to Bitcoin’s sharp price jump as the catalyst. Bitcoin’s rally extended into May 22, with prices reaching a new all-time high of close to $112,000.
Balchunas added that ETF trading volumes are echoing the levels that were seen in January when Bitcoin last approached an all-time high, and many ETFs are expected to double their average inflow rates over the next few days. The recent surge in price and investment interest not only drove up ETF flows but also prompted wider speculation about Bitcoin’s potential in the current macroeconomic environment.
Jeff Mei, COO of the crypto exchange BTSE, said that Bitcoin ETFs are becoming a go-to vehicle for investors looking to gain exposure to the asset, especially as the space attracted $3.6 billion in net inflows over the course of May. He suggested that this upward trend may continue and even accelerate, particularly if the Federal Reserve proceeds with interest rate cuts.
Meanwhile, Jupiter Zheng, a partner at HashKey Capital, warned that as Bitcoin pushes into uncharted price discovery territory, more volatility should be expected. Zheng also mentioned ongoing geopolitical instability and economic uncertainty as driving forces behind the long-term investment appeal of Bitcoin.
Bitcoin Trader Goes All In
A crypto trader known by the pseudonym “James Wynn” shocked the market by expanding a 40x leverage long Bitcoin position to over $1.1 billion on the decentralized exchange Hyperliquid. This is likely the first-ever billion-dollar position on the platform.
According to blockchain explorer Hypurrscan, Wynn’s trade is currently sitting on a $36 million unrealized profit, with an average entry price of $108,065 per Bitcoin. The move was made using a $28.4 million margin spread across multiple trades to build the enormous long position.
The bold strategy attracted the attention of the crypto community, and market commentators praised the audacity of such a high-risk play. Crypto analyst Sigma^2 celebrated the milestone on X by stating, “He did it fellas. First position [on Hyperliquid] to exceed $1B,” while others described Wynn as either fearless or reckless.
At press time, Bitcoin was trading hands at $110,982 after reaching a new all-time high of $111,861.22. The crypto king was also up by more than 8% on its weekly time frame.
BTC price action over the past 24 hours (Source: CoinMarketCap)
Interestingly, on May 20, HyperDash data showed Wynn started to reduce parts of the long position as Bitcoin hovered around $106,000, suggesting some level of caution despite the aggressive leverage. Still, the overall position is still firmly intact, and the unrealized profit swung dramatically from a $16.3 million loss just days ago to a multi-million dollar gain in line with Bitcoin’s sharp rally.
James Wynn X profile
James Wynn, who claims to be both a high-risk leverage trader and a meme coin enthusiast, has only been using the Hyperliquid exchange for around two months. During that time, he deposited $4.65 million in USDC and executed 32 trades, including long positions on well-known tokens like XRP, TRUMP, PEPE, FARTCOIN, and TON.
Hyperliquid runs on its own layer 1 blockchain, and offers a decentralized trading experience including spot markets and DeFi lending products. Now, this $1.1 billion long bet placed the platform under the spotlight.
Texas One Step Closer to Holding Bitcoin
To add even more steam to Bitcoin’s current momentum, the Texas House of Representatives approved SB 21 in a 101-42 vote, advancing legislation that will establish a state-managed Bitcoin reserve. The bill previously passed the Texas Senate 25-5, and now heads to Governor Greg Abbott, who can choose to sign it into law or issue a veto.
The bill was authored by Senator Charles Schwertner, and it empowers the state’s comptroller to invest in cryptocurrencies that maintain a market cap above $500 billion for at least 12 months. This is a requirement currently only met by Bitcoin.
Representative Giovanni Capriglione hailed the legislation as a landmark move, and called it a “pivotal moment” for Texas. If signed, Texas will become the second US state to formally establish a cryptocurrency reserve, following New Hampshire’s move earlier in May when Governor Kelly Ayotte signed House Bill 302 into law.
Texas had a gross domestic product of $2.7 trillion in 2024, and ranks as the second-largest economy in the United States. It would hold the eighth-largest economy globally if it were an independent nation.
Similar efforts in other states have seen mixed results. Arizona Governor Katie Hobbs vetoed two crypto reserve bills on May 13, due to the volatility of crypto assets. Florida lawmakers also withdrew two proposed Bitcoin reserve bills on the same day New Hampshire passed its own, and Montana legislators rejected a reserve proposal over concerns about risk.
(Source: BitcoinLaws)
According to the policy-tracking site Bitcoin Laws, 47 Bitcoin reserve-related bills have been introduced across 26 US states, with 13 more under discussion at the federal level.
Investors Flock to Bitcoin ETFs as BTC Hits New All-Time High
The inflows into US spot Bitcoin ETFs are driven by both institutional and retail investors amid BTC's rally to a new all-time high. IBIT alone absorbed over 4,900 BTC in one day. A trader named James Wynn also stunned the crypto world by building a $1.1 billion long Bitcoin position at 40x leverage on Hyperliquid, which triggered a buzz across trading communities. Meanwhile, Texas took a historic step by passing SB 21, which aims to create a state-managed Bitcoin reserve.
BlackRock Leads Bitcoin ETF Inflow Stampede
BlackRock’s iShares Bitcoin Trust (IBIT) saw a massive surge in activity on May 21, and recorded its largest single-day inflow in over two weeks. This was thanks to institutional and retail investors piling into US spot Bitcoin ETFs amid the rally in the crypto market. According to Farside Investors, IBIT posted net inflows of $530.6 million, which is just shy of the daily record of $531.2 million that was set earlier this month on May 5. Since April 9, the ETF has not experienced a single day of outflows.
The most recent inflow figure is particularly striking when considering that IBIT absorbed 4,931 BTC in a single day. This is more than 10 times the amount of Bitcoin that was mined on the same day, which stood at just 450 BTC. In addition to this, IBIT also saw its busiest trading day since January, which is a signal of heightened investor interest and activity. Nate Geraci, president of the ETF Store, said that based on the trading volume, even higher inflow numbers could be on the way.
Other spot Bitcoin ETFs also mirrored this bullish momentum. Across all 11 spot ETFs, the total net inflows reached $607.1 million for the day. The Fidelity Wise Origin Bitcoin Fund (FBTC) came in second behind IBIT, pulling in $23.5 million.
Bloomberg’s senior ETF analyst Eric Balchunas described the inflow spike as a “classic feeding frenzy,” and pointed to Bitcoin’s sharp price jump as the catalyst. Bitcoin’s rally extended into May 22, with prices reaching a new all-time high of close to $112,000.
Balchunas added that ETF trading volumes are echoing the levels that were seen in January when Bitcoin last approached an all-time high, and many ETFs are expected to double their average inflow rates over the next few days. The recent surge in price and investment interest not only drove up ETF flows but also prompted wider speculation about Bitcoin’s potential in the current macroeconomic environment.
Jeff Mei, COO of the crypto exchange BTSE, said that Bitcoin ETFs are becoming a go-to vehicle for investors looking to gain exposure to the asset, especially as the space attracted $3.6 billion in net inflows over the course of May. He suggested that this upward trend may continue and even accelerate, particularly if the Federal Reserve proceeds with interest rate cuts.
Meanwhile, Jupiter Zheng, a partner at HashKey Capital, warned that as Bitcoin pushes into uncharted price discovery territory, more volatility should be expected. Zheng also mentioned ongoing geopolitical instability and economic uncertainty as driving forces behind the long-term investment appeal of Bitcoin.
Bitcoin Trader Goes All In
A crypto trader known by the pseudonym “James Wynn” shocked the market by expanding a 40x leverage long Bitcoin position to over $1.1 billion on the decentralized exchange Hyperliquid. This is likely the first-ever billion-dollar position on the platform.
According to blockchain explorer Hypurrscan, Wynn’s trade is currently sitting on a $36 million unrealized profit, with an average entry price of $108,065 per Bitcoin. The move was made using a $28.4 million margin spread across multiple trades to build the enormous long position.
The bold strategy attracted the attention of the crypto community, and market commentators praised the audacity of such a high-risk play. Crypto analyst Sigma^2 celebrated the milestone on X by stating, “He did it fellas. First position [on Hyperliquid] to exceed $1B,” while others described Wynn as either fearless or reckless.
At press time, Bitcoin was trading hands at $110,982 after reaching a new all-time high of $111,861.22. The crypto king was also up by more than 8% on its weekly time frame.
BTC price action over the past 24 hours (Source: CoinMarketCap)
Interestingly, on May 20, HyperDash data showed Wynn started to reduce parts of the long position as Bitcoin hovered around $106,000, suggesting some level of caution despite the aggressive leverage. Still, the overall position is still firmly intact, and the unrealized profit swung dramatically from a $16.3 million loss just days ago to a multi-million dollar gain in line with Bitcoin’s sharp rally.
James Wynn X profile
James Wynn, who claims to be both a high-risk leverage trader and a meme coin enthusiast, has only been using the Hyperliquid exchange for around two months. During that time, he deposited $4.65 million in USDC and executed 32 trades, including long positions on well-known tokens like XRP, TRUMP, PEPE, FARTCOIN, and TON.
Hyperliquid runs on its own layer 1 blockchain, and offers a decentralized trading experience including spot markets and DeFi lending products. Now, this $1.1 billion long bet placed the platform under the spotlight.
Texas One Step Closer to Holding Bitcoin
To add even more steam to Bitcoin’s current momentum, the Texas House of Representatives approved SB 21 in a 101-42 vote, advancing legislation that will establish a state-managed Bitcoin reserve. The bill previously passed the Texas Senate 25-5, and now heads to Governor Greg Abbott, who can choose to sign it into law or issue a veto.
The bill was authored by Senator Charles Schwertner, and it empowers the state’s comptroller to invest in cryptocurrencies that maintain a market cap above $500 billion for at least 12 months. This is a requirement currently only met by Bitcoin.
Representative Giovanni Capriglione hailed the legislation as a landmark move, and called it a “pivotal moment” for Texas. If signed, Texas will become the second US state to formally establish a cryptocurrency reserve, following New Hampshire’s move earlier in May when Governor Kelly Ayotte signed House Bill 302 into law.
Texas had a gross domestic product of $2.7 trillion in 2024, and ranks as the second-largest economy in the United States. It would hold the eighth-largest economy globally if it were an independent nation.
Similar efforts in other states have seen mixed results. Arizona Governor Katie Hobbs vetoed two crypto reserve bills on May 13, due to the volatility of crypto assets. Florida lawmakers also withdrew two proposed Bitcoin reserve bills on the same day New Hampshire passed its own, and Montana legislators rejected a reserve proposal over concerns about risk.
(Source: BitcoinLaws)
According to the policy-tracking site Bitcoin Laws, 47 Bitcoin reserve-related bills have been introduced across 26 US states, with 13 more under discussion at the federal level.