What exactly happened in early May? Why did Bitcoin suddenly surge, and why is the market so strong, refusing to pull back? Data shows that institutional funds are accelerating their flow back into crypto assets, with a configuration pattern of "Bitcoin as the main, Ethereum as the supplement." This round of big gains may be a bull trap created by institutions.

According to data from May 5:

Bitcoin spot ETF's net inflow for the day reached $532 million, with BlackRock's IBIT contributing $335 million, and Fidelity's FBTC inflowing $184 million.

Ethereum ETF's net inflow on the same day was $97.58 million, with Blackstone's ETHA accounting for $69.48 million, and Fidelity's FETH for $24.23 million.

Additionally, by analyzing leading institutional digital currency ETF products, it can be seen that since April, institutional fund inflows have been significant:

Bitcoin ETF: The absolute mainstay of institutional allocation

1. BlackRock iShares Bitcoin Trust (IBIT)

This is undoubtedly the "money magnet" in this wave of institutional accumulation. On May 1, the net inflow was $284 million, and on May 5, it surged further to $335 million, leading the entire market for several consecutive days. During the nine consecutive days of gains from April 14 to 24, IBIT was also the core channel for fund inflows. BlackRock’s chairman disclosed that its digital asset-related AUM has approached $150 billion, and IBIT, as the flagship product, is the core vehicle for traditional asset managers to systematically deploy crypto assets.

2. Fidelity Wise Origin Bitcoin Fund (FBTC)

Following BlackRock, on May 1, inflows reached $213 million, and on May 5, another $184 million flowed in. Fidelity’s early and well-established presence in the crypto space, along with its infrastructure, has led to continuous incremental funding for FBTC, reflecting long-term recognition among veteran asset managers of Bitcoin as "digital gold."

3. Ark 21Shares Bitcoin ETF (ARKB)

On May 1, net inflow was $88.5 million, showing strong performance among small- and mid-sized Bitcoin ETFs. Cathie Wood’s team has always regarded Bitcoin as the "benchmark currency of the digital asset era," and the sustained inflow into ARKB indicates some institutional investors agree with this long-term narrative.

4. Morgan Stanley Bitcoin ETF (MSBT)

On April 24, the single-day net inflow was about $11.13 million, with total net inflow reaching approximately $153 million. As a product launched by Wall Street’s top investment bank, the growth in MSBT holdings signals that traditional wealth management channels are beginning to include Bitcoin in client asset allocations.

Ethereum ETFs: Incremental funds start to follow

5. Blackstone iShares Ethereum Trust (ETHA)

On May 5, net inflow was $69.48 million, making it the most outstanding product among Ethereum ETFs. In the previous week, ETHA also recorded a weekly inflow of $133 million, far exceeding similar products. Blackstone’s deployment in Ethereum ETFs complements its Bitcoin products, reflecting that some institutions are starting to view ETH as a "second pillar" in crypto asset allocation.

6. Fidelity Ethereum Fund (FETH)

On May 5, net inflow was $24.23 million. However, it’s worth noting that FETH experienced a large outflow of $218 million in the previous week, indicating significant fund volatility. This reflects that institutional attitudes toward Ethereum still vary—before upgrades are implemented and regulatory frameworks are clarified, some funds prefer to take profits temporarily.

This capital flow indicates:

1. Institutions still primarily focus on Bitcoin allocation: The single-day inflow of Bitcoin ETFs is about 5.5 times that of Ethereum, reflecting that mainstream funds prefer to establish crypto exposure through BTC during this rally.

2. Leading asset management firms dominate the flow: Products from traditional giants like BlackRock, Blackstone, and Fidelity have become main sources of capital, showing that traditional financial systems are increasingly accepting crypto assets.

3. The market has entered a "structural buy" phase: Previously, ETF fund flows fluctuated significantly over several weeks, but the concentrated inflows in early May broke the outflow trend, marking that institutional investors have re-established a bullish stance after prices broke $80k.

Why did these companies buy again? Will this rally continue, and how long will it last?