US spot Bitcoin ETFs recorded $462 million in net inflows on Wednesday, marking a third consecutive day of positive flows and bringing the weekly total to $1.1 billion. Nearly all issuers saw gains, led by BlackRock’s iShares Bitcoin Trust with $307 million. The inflows highlight a potential market reversal, coinciding with Bitcoin briefly surpassing $73,000, while Ether funds also attracted $169 million.
US spot Bitcoin exchange-traded funds increased inflows on Wednesday as Bitcoin briefly surged past $73,000. The funds posted $462 million in net inflows, marking the third consecutive day of inflows and bringing the weekly total to $1.1 billion, according to Farside data.
The new gains bring year-to-date flows to about $700 million. This is a modest amount after the ETFs shed $3.8 billion during a five-week outflow streak.
Ether funds shared the sentiment, drawing $169 million in inflows. This followed minor outflows of $11 million on Tuesday.
The flows highlight a potential market reversal. Analysts observe that most Bitcoin ETFs have now turned to net positive flows year-to-date.
Wednesday marked a rare occasion when nearly all US spot Bitcoin funds attracted inflows. Only the CoinShares Bitcoin ETF recorded zero inflows on the day.
BlackRock’s iShares Bitcoin Trust ETF again led inflows with $307 million. It was followed by the Fidelity Wise Origin Bitcoin Fund and the Grayscale Bitcoin Mini Trust ETF with $48 million and $32 million, respectively.
According to Bloomberg ETF analyst Eric Balchunas, almost all Bitcoin ETFs had turned net positive in year-to-date flows as of Tuesday. Only three funds still showed losses.
Those include FBTC with $1.1 billion in outflows. The Grayscale Bitcoin Trust ETF and the ARK 21Shares Bitcoin ETF have seen $648 million and $162 million in outflows, respectively.
The latest wave of gains came amid a sentiment recovery attempt. The Crypto Fear & Greed Index jumped 12 points over the past 24 hours.
Despite Bitcoin recovering about 20% from February’s low, the index still stands at “extreme fear” with a score of 20. At the time of writing, Bitcoin traded at $72,214, down about 8% over the past 30 days, according to CoinGecko.
