TLDR
- US spot Bitcoin ETFs recorded 506.5 million dollars in inflows, the largest daily total since Feb. 2.
- Bitcoin traded above 68,000 dollars, supporting the rebound in ETF activity.
- Weekly inflows reached 560.4 million dollars after five weeks of net outflows.
- BlackRock’s iShares Bitcoin Trust led inflows with 297.4 million dollars in a single day.
- ETF trading volumes rose above 4.3 billion dollars, the highest level since Feb. 9.
U.S.-based spot Bitcoin funds recorded strong inflows on Wednesday as Bitcoin reclaimed the $68,000 level. Funds attracted $506.5 million in a single day, marking the largest daily total since Feb. 2. The rebound pushed weekly inflows to $560.4 million and signaled a potential break from five consecutive weeks of outflows.
Bitcoin ETFs post largest daily inflow since early February
Bitcoin ETFs pulled in $506.5 million on Wednesday as Bitcoin traded at $68,137. The inflow marked the highest daily total since Feb. 2, according to SoSoValue data. Weekly inflows reached $560.4 million after two consecutive days of gains. Funds had previously recorded five weeks of net outflows totaling $3.8 billion. The February sell-off erased $20 billion in net assets across products.
BlackRock’s iShares Bitcoin Trust ETF led daily inflows with $297.4 million, based on Farside data. Bitwise Bitcoin ETF followed with $39.4 million in fresh capital. Fidelity Wise Origin Bitcoin Fund added $30.1 million during the session. ETF trading volumes rebounded above $4.3 billion and reached the highest level since Feb. 9. The increase in volume aligned with Bitcoin’s move back above $68,000.
Market structure debate resurfaces over price discovery
The renewed inflows coincided with renewed debate about ETF market mechanics. Market participants discussed the role of authorized participants in share creation and redemption. Rumors circulated on X after Terraform Labs administrator Todd Snyder filed a recent lawsuit. Some posts alleged that Jane Street influenced Bitcoin prices through derivatives exposure.
Bitwise adviser Jeff Park addressed the claims in a post on X. “The answer is trickier than the question,” Park wrote on Wednesday. He added, “The short answer is that no AP explicitly suppresses Bitcoin price.” Park stated that the structure can suppress the integrity of price discovery rather than the price itself. He said, “Those are not the same thing—but the second is arguably more consequential than the first.”
Reports have also referenced concerns about “paper Bitcoin” trading activity. The Kendall Report raised similar issues in early February. The debate intensified after South Korea’s Bithumb exchange distributed 620,000 BTC it did not hold. The incident raised fresh questions about transparency in crypto markets. ETF volumes remained above $4.3 billion as Bitcoin held near $68,000 on Wednesday.
