U.S. spot bitcoin exchange-traded funds (ETFs) recorded $186.1 million in net inflows on Wednesday, extending their winning streak to a second day after taking in $411.5 million on Tuesday.
Since their launch in January 2024, the 13 U.S. spot bitcoin ETFs have accumulated about $57.1 billion in total net inflows, according to SoSoValue. Their combined net assets now stand at $97.6 billion, equivalent to roughly 6.5% of bitcoin’s total market value.
BlackRock’s ibit leads, Morgan Stanley’s msbt gains momentum
Despite the positive aggregate figure, only two funds booked new money on Wednesday.
- BlackRock’s iShares Bitcoin Trust (IBIT) drew $291.9 million, its strongest daily intake so far this month.
- Morgan Stanley’s MSBT followed with $19.3 million in inflows.
Farside data show MSBT has attracted $103 million in its first six trading days, pushing it ahead of WisdomTree’s BTCW, which has taken in $86 million over its lifetime. The rapid start places MSBT among the better-performing names in the relatively young lineup of U.S. bitcoin ETFs.
Outflows hit higher-fee and legacy products
Eight funds reported no net flow on Wednesday. Several others saw redemptions:
- Fidelity’s FBTC posted $47.4 million in outflows.
- ARK 21Shares’ ARKB lost $42.2 million.
- Grayscale’s GBTC saw $23.4 million in withdrawals.
- Bitwise’s BITB recorded $8.5 million in outflows.
- VanEck’s HODL shed $3.7 million.
The pattern underscores an ongoing rotation as traders gravitate toward newer, lower-fee products run by large asset managers, while capital steadily exits higher-cost or less liquid structures.
Structural demand and market impact
The latest inflows are absorbing the equivalent of around 5.5 days of newly mined bitcoin supply in a single session, highlighting a persistent structural bid coming through regulated vehicles.
Market analysts note that this steady allocation into ETFs, often associated with larger and longer-horizon players, may help establish a more resilient price floor for bitcoin. While it does not remove downside risk, it adds a recurring source of demand that was largely absent in earlier market cycles.
Bitcoin price recovers but remains below record
Bitcoin traded near $74,600 on Thursday, SoSoValue data show, up about 3% over the past week and 23% from its early February low near $60,000.
Even after the rebound, the token remains roughly 41% below its all-time high of about $126,000 set in October 2025, leaving room for further upside or volatility as macro conditions and regulatory developments evolve.
Hong Kong joins the spot ETF race
Adding to the global backdrop, Hong Kong regulators have approved the first batch of spot bitcoin and ether ETFs, with trading expected to begin soon.
The move opens a new regulated channel for capital in Asian markets. Early estimates suggest first-day inflows could exceed the $125 million seen at the U.S. debut, potentially broadening global demand for bitcoin exposure through exchange-listed products.
Fed signals delay on rate cuts, risk appetite in focus
The macro environment remains a key variable for crypto markets. Federal Reserve Chair Jerome Powell recently warned that the lack of fresh progress on inflation makes it “likely to take longer than expected” before the central bank can gain confidence to cut rates.
Powell said that “recent data have clearly not given us greater confidence” that inflation is moving sustainably toward target.
Market pricing has moved in the same direction. The CME FedWatch tool now assigns a 98.4% probability that the Fed will leave its policy rate unchanged at its next meeting, reinforcing expectations of a higher-for-longer interest rate path.
Elevated borrowing costs can weigh on appetite for riskier assets, including bitcoin and crypto-linked products, even as structural inflows into ETFs suggest that a growing share of traders are using regulated funds as their preferred way to gain exposure.
Want deeper context on bitcoin’s next move? Explore our analysis in Will Bitcoin Hit 100K.
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