Bitcoin spot ETFs recorded $5.77 billion in net inflows in May, their highest since November.

Bitcoin recently surged past the $110,000 mark, setting a new all-time high.

In May, U.S.-based spot Bitcoin ETFs amassed net inflows totaling $5.77 billion, marking their strongest monthly performance since November, according to SoSoValue.

Investor enthusiasm has been driven by aggressive directional bets and increased activity in cash-and-carry arbitrage opportunities. Since mid-April, these ETFs have only experienced net outflows on four separate days.

Among them, BlackRock’s IBIT ETF attracted the largest share of inflows amid Bitcoin’s rally to record levels.