US Bitcoin ETFs Attract $462M in Single Day as BTC Touches $73K Mark
IBIT from BlackRock dominated with $307 million in capital inflows as almost every US spot Bitcoin ETF recorded positive movement on Wednesday, continuing a three-day streak that accumulated $1.1 billion.
United States-based spot Bitcoin exchange-traded funds experienced heightened capital inflows during Wednesday's trading session, with positive momentum distributed among nearly every major issuer, coinciding with BTC's brief rally above the $73,000 price level.
Exchange-traded funds tracking Bitcoin (BTC) on a spot basis registered $462 million in net capital inflows, representing the third straight trading day of positive flows and pushing the weekly accumulation to $1.1 billion, based on information from Farside.
These fresh inflows push the year-to-date flow total to approximately $700 million, representing a relatively small figure following the funds' loss of $3.8 billion throughout a five-week period of consecutive outflows.
Exchange-traded funds focused on Ether (ETH) mirrored the positive trend, capturing $169 million in new capital after experiencing slight outflows totaling $11 million during Tuesday's session.
The capital movements suggest a possible market trend reversal, with market analysts noting that virtually every Bitcoin ETF has now achieved net positive year-to-date flows.
Nearly every spot Bitcoin fund records positive flows
The Wednesday trading session represented an uncommon occurrence during which virtually every United States-based spot Bitcoin fund experienced capital inflows, with the CoinShares Bitcoin ETF (BRRR) being the sole exception, registering zero movement for the day.
The iShares Bitcoin Trust ETF (IBIT) from BlackRock once more dominated inflows with $307 million in new capital, trailed by the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Grayscale Bitcoin Mini Trust ETF (BTC) which captured $48 million and $32 million, in that order.
Based on observations from Bloomberg ETF analyst Eric Balchunas, nearly every Bitcoin ETF had achieved positive net year-to-date flows by Tuesday's close, leaving just three funds continuing to show negative balances.
The funds still experiencing losses include FBTC with outflows totaling $1.1 billion, along with the Grayscale Bitcoin Trust ETF (GBTC) and the ARK 21Shares Bitcoin ETF (ARKB), which have recorded $648 million and $162 million in net outflows, in that order.
The recent surge in Bitcoin ETF capital inflows occurred alongside an attempted recovery in market sentiment, with the Crypto Fear & Greed Index climbing 12 points during the previous 24-hour period, based on data from Alternative.me.
Even though Bitcoin has rallied approximately 20% from its February bottom of $60,000, the sentiment index continues to register "extreme fear" with a reading of 20.
As of this publication, Bitcoin was changing hands at $72,214, representing a decline of roughly 8% across the previous 30-day period, based on CoinGecko data.