The 11 U.S.-listed spot bitcoin exchange-traded funds (ETF) have registered a net inflow of $5.77 billion this month, the highest since November, according to data source SoSoValue. Most of these bets have been bold directional plays, with interest in cash-and-carry arbitrage plays picking up recently. Such has been the investor demand that these ETFs have experienced net outflows on only four days since mid-April. BlackRock's IBIT has received the most inflows, with bitcoin's spot price hitting fresh record highs above $110,000.