U.S. spot bitcoin exchange-traded funds surged inflows on Wednesday, with gains shared among most issuers as BTC briefly crossed $73,000.
Spot Bitcoin (BTC) ETFs posted net inflows of $462 million, marking the third consecutive day of inflows and bringing weekly inflows to $1.1 billion, according to Farside.
The new inflows bring annual turnover to about $700 million, after ETFs shed $3.8 billion during the five-week outflow.
Ether (ETH) funds shared the sentiment, with $169 million inflows after seeing a modest $11 million outflow on Tuesday.
The flows indicate a potential market reversal, with analysts observing that nearly all Bitcoin ETFs have now turned to net positive YTD flows.
All but one Bitcoin fund will benefit
Wednesday marked a rare event in which almost all US Bitcoin funds attracted inflows, with only the CoinShares Bitcoin ETF (BRRR) recording zero inflows for the day.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) once again led inflows with $307 million, followed by Fidelity Wise Origin Bitcoin Fund (FBTC) and Grayscale Bitcoin Mini Trust ETF (BTC) at $48 million and $32 million, respectively.
According to Bloomberg ETF analyst Eric Balchunas, nearly all Bitcoin ETFs turned positive through Tuesday during the annual turnaround, with only three funds still posting losses.
These include FBTC with $1.1 billion in foreign withdrawals, as well as Grayscale Bitcoin Trust ETF (GBTC) and ARK 21Shares Bitcoin ETF (ARKB), which have withdrawn $648 million and $162 million, respectively.
According to Alternative.me, the latest wave of gains in the Bitcoin ETF came on the back of an attempted sentiment recovery, with the Crypto Fear & Greed index up 12 points over the past 24 hours.
related to: Altcoin Talk Drops to 2-Year Low as Bitcoin Gets Attention
Despite bitcoin recovering nearly 20% from $60,000 in February, the index is still in “extreme fear” at 20 points.
According to CoinGecko, at the time of writing, Bitcoin was at $72,214, down nearly 8% over the past 30 days.
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