Yesterday, the fund flows for Bitcoin ETFs were somewhat interesting, and the overall picture was one of net outflows. According to the data, on May 8, Eastern Time in the U.S., there was a net outflow of $146 million—about 1.46 billion—suggesting that some investors are exiting.

However, when you look more closely at each issuer’s performance, there are differences. Morgan Stanley’s MSBT Bitcoin ETF, in fact, saw a net inflow of more than $57 million yesterday, bucking the trend; its cumulative net inflow has now already reached $194 million. In contrast, Fidelity’s FBTC had a more severe outflow, with nearly $100 million in net outflows on the day—though they have a deep base, with a total historical cumulative net inflow still as high as $11.1 billion.

Looking at the overall scale of the Bitcoin ETF market, total net asset value exceeds $106.6 billion, accounting for 6.67% of the entire Bitcoin market. Total cumulative net inflows have added up to more than $59.3 billion. This shows that spot ETFs over the past few years have indeed attracted a substantial amount of capital. Short-term fluctuations are normal, but in the long run, the penetration rate of Bitcoin ETFs continues to rise.