US-based spot Bitcoin exchange-traded-funds (ETFs) have recorded a total of $2.75 billion in inflows this week amid Bitcoin surpassing its January all-time high of $109,000.

The $2.75 billion inflow total was nearly 4.5 times larger than the spot Bitcoin (BTC) ETF’s previous week’s $608 million in inflows, according to Farside data.

BlackRock Bitcoin ETF continues inflow streak

On May 23, the final day of the trading week, spot Bitcoin ETFs recorded $211.7 million in inflows. However, BlackRock’s IBIT was the only fund to post gains in the trading day, adding $430.8 million and extending its inflow streak to eight consecutive days.

Grayscale’s GBTC led outflows with $89.2 million, followed by ARK 21Shares’ ARKB with $73.9 million.

Just two days before, on May 21, the Bitcoin ETFs saw $607.1 million in inflows, the same day Bitcoin surpassed its $109,000 all-time high. The following day, Bitcoin recorded a new all-time high of $111,970.

At the time of publication, Bitcoin is trading at $108,141, according to CoinMarketCap data.

Bitcoin is trading at $108,490 at the time of publication. Source: CoinMarketCap

Bitcoin’s slight price decline over the past 24 hours came alongside a decline in crypto market sentiment, according to the Crypto Fear & Greed Index.

The Index, which measures overall crypto market sentiment, reads a “Greed” score of 66, down 12 points from its “Extreme Score” of 78 the previous day.

Related: Bitcoin price ‘breather’ expected as short-term traders realize $11.6B in profit

Cointelegraph recently reported that spot Bitcoin ETFs are on its way to potentially surpassing its monthly inflow record of $6.49 billion from November 2024. So far in May, spot Bitcoin ETFs have accumulated approximately $5.39 billion, with five trading days remaining in May.

Meanwhile, several analysts recently suggested that Bitcoin is not showing any signs of overheating despite reaching new all-time highs this week, pointing to fundamentals suggesting that Bitcoin could rise further.

CryptoQuant analyst Crypto Dan said on May 22, “Overheating indicators such as the funding rate and short-term capital inflow remain low compared to previous peaks, and profit-taking by short-term investors is limited.”

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Mihailo Bjelic, co-founder of Ethereum layer-2 scaling solution Polygon, has stepped down from his role at Polygon but suggests he will stay active in the crypto industry in some capacity.

His resignation drew reactions across Polygon and the wider crypto community, with several seeing it as a significant loss for Polygon, which has been tied to several major developments in recent months.

Bjelic winds down ‘day-to-day involvement’

“After much thought and reflection, I’ve decided to step down from the board of the Polygon Foundation and wind down my day-to-day involvement with Polygon Labs,” Bjelic said in a May 23 X post.

“I’ll always be cheering from the sidelines and supporting however and whenever I can,” Bjelic added.

Fellow Polygon co-founder, Sandeep Nailwal, commended Bjelic’s contributions over the years, adding that Bjelic has always been “a force behind so much of what makes Polygon what it is today.”

Source: Sandeep Nailwal

Bjelic said that he remains “as passionate as ever” about crypto, and suggested he will stay active in the crypto industry.

“You will likely still see me around,” Bjelic said.

Aave-chan Initiative founder Marc Zella said it was a “Big L for Polygon.” Polygon’s head of marketing Leon Stern said the company is going to miss Bjelic. “Thanks for everything you’ve done for Polygon, and best of luck,” Stern said. Meanwhile, Skale Network CEO Jack O’Holleran said Bjelic should “be very proud” of all he has accomplished at Polygon and is excited to see what he does next.

Source: Maggie Love

Over the past two years, two of Polygon Labs’ early founders, Jaynti Kanani and Anurag Arjun, also stepped away from the company.

Arjun’s departure coincided with the Polygon spin-off Avail, a Web3 data availability and consensus layer, becoming an independent entity, with Arjun taking the lead.

Bjelic has yet to reveal his next plans.

Related: Crypto market cycle permanently shifted — Polygon founder

Bjelic’s resignation follows several major announcements tied to Polygon this year.

On March 25, Real-world asset (RWA) tokenization platform DigiShares announced it would bring tokenized real estate trading to Polygon with the launch of RealEstate.Exchange, also known as REX.

Just two months before, on Jan. 16, Jio Platforms, an Indian mobile network operator owned by Asia’s richest person, Mukesh Ambani, partnered with Polygon Labs to upgrade some of its existing offerings with Web3 and blockchain capabilities.

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Key takeaways:

Bitcoin bulls aim to push BTC above $110,000 by May 30 to capitalize on $4.8 billion in call options.

Spot BTC ETF inflows and weak put positioning give bulls a strong edge in the monthly expiry.

Bitcoin (BTC) is approaching its largest monthly options expiry of 2025, with total exposure reaching $13.8 billion. This event gives bulls a chance to secure Bitcoin’s price above $110,000, as bears were caught off guard by a 25% rally over the past 30 days.

May 30 Bitcoin options open interest, USD. Source: Laevitas.ch

The open interest in Bitcoin put (sell) options stands at $6.5 billion, but 95% of these positions are set below $109,000. Therefore, if Bitcoin’s price holds near current levels, less than $350 million worth of put options will remain relevant at expiry.

Conversely, the open interest in Bitcoin call (buy) options up to $109,000 totals $3.8 billion. Still, this imbalance does not mean every call option holder was betting on Bitcoin’s rise. Some traders may have sold these options as a way to hedge their exposure above certain price levels.

Top BTC option strategies at Deribit past two weeks. Source: Laevitas.ch

Among the most significant option strategies traded at Deribit in the past two weeks is the “short call,” which is often used by investors seeking a fixed-income return as long as Bitcoin’s price stays above a particular threshold. Similarly, the “bull call spread” strategy hedges against downside risk by sacrificing gains above a certain price.

Strong Bitcoin ETF inflows reduce the odds of further price decline

If Bitcoin maintains the $109,000 level, most bullish strategies should deliver positive results in the May options expiry. However, bears may try to influence BTC futures markets to limit their losses as the expiry date approaches.

The total open interest in Bitcoin futures is currently $79 billion, showing strong demand for short (sell) positions. Still, this strategy could backfire if Bitcoin rises above $110,000, as bears might be forced to close their positions.

Net inflows of $1.9 billion into US spot Bitcoin exchange-traded funds (ETFs) between May 20 and May 22 indicate that demand above $105,000 remains robust. Ultimately, bears’ main hope lies in a weaker macroeconomic environment, which could increase risk aversion and reduce demand for Bitcoin.

Related: Bitcoin hits new highs in the absence of ‘unhealthy’ leverage use — Will the rally continue?

Bitcoin bulls aim for $110,000 by May 30

Below are four likely scenarios based on current price trends. These outcomes estimate theoretical profits based on open interest imbalances and do not account for complex strategies.

Between $102k and $105k: $2.75 billion in calls (buy) vs. $900 million in puts (sell). The net result favors the call instruments by $1.85 billion.

Between $105k and $107k: $3.3 billion calls vs. $650 million puts, favoring calls by $2.65 billion.

Between $107k and $110k: $3.7 billion calls vs. $350 million puts. favoring calls by $3.35 billion.

Between $110k and $114k: $4.8 billion calls vs. $120 million puts, favoring calls by $4.7 billion.

Bulls can maximize their gains by driving BTC above $110,000, which could help set a new all-time high. However, the ongoing bullish momentum depends on developments in the ongoing tariff war, which has been a key focus in recent weeks.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.