Bitcoin’s spot ETF trading volume surged past $4.5 billion on May 23, highlighting a significant increase in institutional interest and market participation. This remarkable activity signals the expanding role of regulated Bitcoin investment products as a key pathway for traditional finance to enter the crypto space. Analyzing factors driving this high volume reveals insights into the growing integration of Bitcoin into the mainstream financial system. The surge is attributed to several factors: surging Bitcoin prices, macroeconomic trends impacting investor risk appetite, news events related to regulatory developments and institutional adoption, and the activity of large players like hedge funds, asset managers, and financial advisors rebalancing their portfolios.