Summary
TLDR: Spot bitcoin ETFs saw record inflows on Wednesday as BTC rallied, indicating sustained demand. BlackRock’s IBIT and Fidelity’s FBTC dominated, while Grayscale’s GBTC saw net outflows. Overall, bitcoin ETFs have had positive flows of $7.4 billion in seven weeks. With more wealth managers getting comfortable, inflows into the funds may increase. Trading volumes for the 10 bitcoin ETFs hit $7.6 billion on Wednesday, with BlackRock’s fund leading the way.
Key Points
1. More money entered spot bitcoin ETFs on Wednesday than any day prior, indicating sustained demand for these investment vehicles.
2. The 10 US ETFs that hold bitcoin directly saw $673 million of net inflows on Wednesday, with BlackRock’s iShares Bitcoin Trust and the Fidelity Wise Origin Bitcoin Fund dominating the segment.
3. Despite net outflows from the higher-priced Grayscale Investments’ Bitcoin Trust ETF, the bitcoin ETFs collectively have seen positive flows of $7.4 billion in roughly seven weeks.