US spot Bitcoin exchange-traded funds registered increased inflows Wednesday as Bitcoin briefly topped $73,000. Spot BTC ETFs saw $462 million in net inflows, the third straight day of inflows and pushing the weekly total to about $1.1 billion, according to Farside data.
The gains lift year-to-date flows to roughly $700 million, a modest recovery after the ETFs endured $3.8 billion in outflows over a five-week streak. Ether (ETH) funds also drew inflows, taking in $169 million after minor outflows of $11 million on Tuesday.
The flow pattern suggests a possible market reversal, with analysts noting most Bitcoin ETFs are now net positive year-to-date.
All but one spot Bitcoin fund saw gains
Wednesday was notable for nearly all US spot Bitcoin funds attracting inflows; only CoinShares Bitcoin ETF (BRRR) recorded zero inflows that day. BlackRock’s iShares Bitcoin Trust ETF (IBIT) led the inflows with $307 million, followed by Fidelity Wise Origin Bitcoin Fund (FBTC) at $48 million and Grayscale Bitcoin Mini Trust ETF (BTC) at $32 million.
Bloomberg ETF analyst Eric Balchunas noted that almost all Bitcoin ETFs had turned net positive YTD as of Tuesday, with three funds still showing net outflows. Those include FBTC, which has $1.1 billion in outflows, Grayscale Bitcoin Trust ETF (GBTC) with $648 million in outflows, and ARK 21Shares Bitcoin ETF (ARKB) with $162 million in outflows.
Market sentiment and price
The rise in ETF inflows coincided with an uptick in sentiment: the Crypto Fear & Greed Index jumped 12 points in 24 hours, per Alternative.me, though it remained in “extreme fear” at a score of 20. Bitcoin has recovered about 20% from February’s low near $60,000 but was trading around $72,214 at the time of writing, down roughly 8% over the past 30 days, according to CoinGecko.
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