U.S. spot Bitcoin ETFs attracted $39.5 million on Wednesday, showing robust demand for these ETFs despite market uncertainty. This marked the fifth consecutive day of net inflows, although Grayscale’s GBTC continued seeing outflows and suffered a drop in market share to under 25%. Bitcoin (BTC) rebounded to over $60,700 after briefly dropping below $60,000, according to CoinMarketCap data.
Over the past five days, Bitcoin ETFs have experienced inflows totaling $236.6 million, with cumulative net inflows nearing $17.6 billion since their launch, according to Farside Investors. Bloomberg’s Eric Balchunas projected that within a year, U.S. ETFs will hold more Bitcoin than Satoshi Nakamoto, with BlackRock potentially surpassing this figure alone.
Bloomberg analyst James Seyffart noted on the Wolf of All Streets podcast that these ETFs are approaching 1 million Bitcoin, having acquired substantial amounts during recent market downturns.
Bitwise CIO Matt Hougan highlighted Bitcoin ETFs as leaders in institutional adoption among exchange-traded funds. Comparing these ETFs to the fastest-growing ETFs by assets under management (AUM), Hougan noted that Bitcoin ETFs boast 1,100 institutional holders and $11 billion in institutional AUM in two quarters. In contrast, the Invesco QQQ (Nasdaq-100) has 374 institutional holders and $13.3 billion in institutional AUM.
Hougan pointed out that the substantial retail adoption of Bitcoin ETFs makes institutional uptake appear smaller by comparison.