U.S.-listed spot Bitcoin ETFs pulled in $730.9 million in net inflows on Wednesday, their biggest single-day haul since mid-January, as Bitcoin staged a sharp rebound. BlackRock’s iShares Bitcoin Trust (IBIT) led the way, absorbing $454 million — more than 60% of the day’s total — and pushing its lifetime inflows to nearly $64 billion. ARK Invest and 21Shares’ ARKB brought in a further $138 million, while Fidelity’s FBTC added roughly $74 million and Grayscale’s two Bitcoin products together attracted $57 million. Only VanEck’s HODL and WisdomTree’s BTCW saw money leave, shedding a combined $25 million or so. The rush of buying coincided with Bitcoin’s price jumping between 5.7% and 5.9% on the day, lifting the combined net assets of the U.S. Bitcoin ETF market to roughly $103.3 billion — equal to just over 6% of Bitcoin’s total market value. Wednesday’s inflow dwarfed anything seen during an 11-day stretch of positive flows in late August, coming in more than three times larger than any single day in that run. The swing highlights just how choppy demand has been lately. The funds had shed $236 million just two trading days earlier, with IBIT alone accounting for about $201 million of that outflow, before flows flipped positive again and then surged on Wednesday. It’s part of a broader pattern this year: after eight straight negative weeks heading into July, the ETFs have alternated between multi-day buying streaks — including an $853.5 million run in early August and a $2.8 billion streak spanning eight sessions later that month — and sudden bouts of selling, such as the $202 million pulled out on August 28 that snapped a nine-day inflow run. Analysts at QCP Capital have noted that much of Bitcoin’s recent price strength has been driven by spot buying rather than leveraged futures positions, pointing to a decline in futures open interest even as the price climbed — a sign, they suggest, that the rally has firmer footing than one built purely on leverage.
