Spot Bitcoin ETFs have seen almost $1.5 billion in inflows so far this week as institutional investors are driving the markets.

In just three trading days, aggregate inflows for US spot BTC funds totalled $1.48 billion, according to Farside Investors. Additionally, there has not been an outflow day since June 6, almost three weeks ago.

Its “absolutely ridiculous,” said ETF Store President Nate Geraci, who observed almost $4 billion in new capital and the total aggregate inflow approaching $50 billion since the products launched 18 months ago.

ETFs On Fire

BlackRock’s iShares Bitcoin Trust (IBIT) has been hoovering up the most with a more than 9,400 BTC purchased this week alone. The fund has seen an aggregate inflow of almost $52 billion since it launched, with Wednesday seeing a further $340 million in inflows, according to Farside Investors.

Its closest competitor is Fidelity, which saw $115 million in inflows on June 25 and has a total aggregate inflow of $11.7 billion. The other nine products are small fry in comparison.

In related news, ETF issuers Invesco and Galaxy filed for a Solana ETF on Wednesday, bringing the total to nine issuers that have filed for Solana funds, reported Bloomberg ETF analyst James Seyffart.

Meanwhile, Canary Capital filed a 19b-4 form with CBOE for a PENGU ETF that will cover the tokens and Pudgy Penguins NFTs.

NEW: @InvescoUS (and @galaxyhq) just filed for a Solana ETF. That makes Nine issuers that have filed for a Solana ETF now. pic.twitter.com/iu3OZVO9Pg

Meanwhile, Bitcoin has been recognized as a reserve asset by the US housing system in a “defining moment for institutional BTC adoption and collateral recognition,” said Michael Saylor.

Bitcoin Dominance Surges

Bitcoin prices have gained almost 10% since their sub-six-figure dip earlier this week. The asset has tapped $108,100 twice in the past 24 hours but fell back to $107,800 during the Thursday morning Asian trading session.

The latest move has resulted in Bitcoin dominance returning to a four-year high of 65.7% this week as Ethereum and the altcoins have remained stagnant.

Traditionally, Bitcoin dominance takes 1-2 months to rally from a successful retest of 64% support up to 71%. However, this cycle has shown extended timeframes for example, a retest that took 2 months in 2019 stretched to 4 months in the current cycle, said analyst ‘Rekt Crypto.’

He added that many traders are hoping for a quick rally to 70% to get the dominance move over with quickly.

“But the concern is just that too many people are deeply wishing for a swift rise in Bitcoin Dominance right now, and the market rarely gives people exactly what they want.”