<\/p>\n
More money entered spot bitcoin ETFs Wednesday than any day prior as BTC rallied and trading volumes soared.<\/p>\n
The record inflows into spot bitcoin ETFs indicate sustained demand for these investment vehicles. Their approval by the Securities and Exchange Commission back in January marked a pivotal moment, opening up easier access to bitcoin exposure for a broader range of investors.<\/p>\n
The 10 US ETFs that hold bitcoin directly notched $673 million of net inflows on Wednesday, according to BitMEX Research data. This edged the previous record set on Jan. 11 \u2014 the funds\u2019 first trading day \u2014 during which $655 million entered the offerings.<\/p>\n
Read more: <\/strong>SEC officially approves spot bitcoin ETFs in landmark decision<\/a><\/p>\n BlackRock<\/a>\u2019s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) dominated the segment, with Wednesday net inflows totaling $612 million and $245 million, respectively.<\/p>\n Net outflows grew for the higher-priced Grayscale Investments\u2019 Bitcoin Trust ETF (GBTC<\/a>), with $216 million exiting the fund on Wednesday, the data shows.<\/p>\n Even with GBTC weighing down the segment with $7.8 billion of net outflows, the bitcoin ETFs have collectively notched positive flows of\u00a0 $7.4 billion in roughly seven weeks.<\/p>\n Inflows into the funds could see a second wind as more wealth managers get comfortable allocating on behalf of clients, industry watchers and executives have said.<\/p>\n Read more:<\/strong> \u2018Primary market\u2019 for bitcoin ETFs largely hasn\u2019t yet adopted such funds<\/a><\/p>\n IBIT eclipsed $9 billion in assets under management, and FBTC is above $6 billion, BitMEX Research data shows. GBTC, which ported over assets when it converted to an ETF, manages about $26.4 billion.\u00a0\u00a0\u00a0<\/p>\n The bitcoin ETFs\u2019 record daily net inflow total came on a day during which bitcoin\u2019s price (BTC<\/a>) approached $64,000, before retreating closer to $60,000. The price of one BTC was about $62,600 at 8:30 am ET Thursday \u2014 up 21% from a week ago.\u00a0<\/p>\n Read more: <\/strong>Bitcoin blows past $60k, on track for best monthly candle since Dec. 2020<\/a><\/p>\n The 10 bitcoin ETFs as a group saw trading volumes of $7.6 billion<\/a> on Wednesday, shattering the $4.5 billion mark set on their first day trading<\/a>.\u00a0<\/p>\n