Bitcoin ETF inflows reach $1.7 billion over three-day streak

U.S. spot bitcoin exchange-traded funds reported another day of sizable net inflows on Wednesday, extending the positive streak to its third day.

According to data from SoSoValue, the spot bitcoin ETFs reported $843.6 million in net inflows on Wednesday, which is the highest daily total since Oct. 7. This overwrites Tuesday's three-month-high record inflows of $754 million. In the past three days, the bitcoin ETFs drew in $1.71 billion worth of funds.

Eight out of 12 bitcoin ETFs reported net inflows yesterday. BlackRock's IBIT, the largest bitcoin ETF in terms of net assets, saw $648 million in inflows, while Fidelity's FBTC had $125.4 million. Ark & 21Shares' ARKB reported $27 million worth of inflows alongside positive capital flows spotted in funds from Grayscale, Bitwise, VanEck, Valkyrie, and Franklin Templeton.

"The ETF inflows represent a resurgence of institutional demand, signaling that investors are aggressively reallocating capital after a period of year-end caution and de-risking late last year," Nick Ruck, director of LVRG Research, told The Block on Wednesday.

Spot Ethereum ETFs posted $175 million in positive flows on Wednesday, marking their third consecutive net inflow day. Spot Solana ETFs and XRP ETFs posted inflows yesterday as well, worth $23.5 million and $10.6 million, respectively.

Kronos Research CIO Vincent Liu said that sustained net inflows into crypto ETFs will create a "structural tailwind" for crypto prices, which is also supported by improving regulatory clarity.

Bitcoin rose 1.79% in the past 24 hours to trade at $96,447, while ether is trading steady at $3,313, according to The Block's crypto price page.