Bitcoin spot exchange-traded funds (ETFs) experienced more than $300 million in net inflows on Tuesday, marking the fifth consecutive day of capital influx into these funds.

Among the ETFs, BlackRock's iShares Bitcoin Trust (IBIT) attracted the largest share of Tuesday's inflows, coinciding with Bitcoin reaching above $106,000 for the first time since January 21.

The consistent flow of capital into Bitcoin ETFs over the past five days suggests a shift in market sentiment. Institutional investors are showing increased confidence in Bitcoin's medium-term prospects, consistently investing in funds tied to the cryptocurrency despite short-term market fluctuations.

On Tuesday, BlackRock's IBIT saw the highest daily net inflow of $287.45 million, bringing its total cumulative net inflows to $46.15 billion. Fidelity's FBTC, another spot Bitcoin ETF, recorded the second-largest daily inflow of $23.26 million, taking its historical net inflows to $11.81 billion.

Bitcoin's price surged above the key $107,000 resistance level, marking a rise in bullish sentiment in the spot markets. The cryptocurrency is currently trading at $107,421, reflecting a 2% increase over the past day.

As Bitcoin's price rises, open interest in BTC futures has also climbed, indicating a rise in capital flow into the derivatives markets. The open interest presently stands at $74.24 billion, up 4% from the previous period.

When a rise in price aligns with an increase in open interest, it signifies new capital entering the market and reinforces the current bullish trend. This trend indicates growing investor confidence in Bitcoin's price movement.

Additionally, the options market data reveals a rising demand for call contracts, supporting an optimistic outlook for Bitcoin's price. Traders are positioning themselves for further upside potential in BTC's value.

If these market trends continue, Bitcoin may enter a phase of accumulation, potentially propelling it to a new all-time high in the foreseeable future.