U.S. spot bitcoin exchange-traded funds generated a record net inflow of $673.4 million on Wednesday, surpassing the previous high of $655.2 million set on their Jan. 11 launch day.

BlackRock’s IBIT spot bitcoin ETF dominated the flows, adding $612.1 million, according to data from BitMEX Research, marking the highest inflow so far. Fidelity’s FBTC was in second place with $245.2 million and Ark Invest 21Shares’ ARKB was third with $23.8 million.

Despite the record net inflow, there were outflows of $216.4 million from Grayscale’s higher fee GBTC fund — the largest since Jan. 30 — and $3.4 million from VanEck’s HODL product. The remaining funds generated less than $10 million worth of inflows each on Wednesday.

Yesterday’s figures bring total net inflows for all the spot bitcoin ETFs combined to nearly $7.4 billion, per BitMEX Research.

“We have a new record inflow for the Cointucky Derby bitcoin ETFs! IBIT took in a record $612 million on its own. On a net basis the group took in $673 million,” Bloomberg ETF analyst James Seyffart posted on X. “This beats the day one record of $655 million. Also, IBIT crossed $9 billion in assets.”

BlackRock surpasses 150,000 BTC under management, Fidelity exceeds 100,000 BTC

Following yesterday’s record inflows, BlackRock’s IBIT fund has reached more than 150,000 BTC -0.59% ($9.4 billion) under management, while Fidelity’s FBTC has surpassed 100,000 BTC ($6.3 billion) in assets, according to K33 Research analyst Vetle Lunde.

BTC under management. Image: K33 Research.

The nine newborn spot bitcoin ETFs — excluding Grayscale’s converted GBTC fund — now hold more than 330,000 BTC in assets under management — adding around 30,000 BTC ($1.9 billion) in two days.

U.S. spot bitcoin ETFs collectively hold 768,280 BTC ($4.8 billion) combined, with a net inflow of 149,080 BTC ($937 million) since launch. That’s despite assets held by Grayscale’s converted GBTC fund dropping by 29% to just under 441,000 BTC ($28 billion) from around 619,000 BTC ($39 billion) since Jan. 11, according to CoinGlass data.

BTC held by all U.S. spot bitcoin ETFs. Image: K33 Research.

Global net inflows for all bitcoin exchange-traded products came in at 6,038 BTC ($380 million) on Wednesday, according to Lunde. “Huge outflows from Volatility Shares and a sizable outflow from Purpose offset parts of the impact of BlackRock's enormous $612m inflow,” he said.

Bitcoin ETPs daily flow by region. Image: K33 Research.

Global bitcoin ETPs are nearing 1 million BTC under management, currently holding 980,000 BTC ($61.6 billion), having added 133,300 BTC ($8.4 billion) so far this year, Lunde added.

Bitcoin under management by investment vehicles. Image: K33 Research.

Record daily trading volume for spot bitcoin ETFs

As The Block previously reported, the U.S. spot bitcoin ETFs also generated record trading volumes Wednesday as bitcoin’s price soared to a peak of $64,000, before correcting.

The ETFs generated a combined trading volume of $7.61 billion on Wednesday, according to The Block’s data dashboard — smashing the previous record of $4.54 billion on their first day of trading, Jan. 11.

BlackRock’s IBIT again led the market, registering $3.32 billion in trading volume, more than doubling its previous record set just the day before. Grayscale’s GBTC generated $1.84 billion in volume and Fidelity’s FBTC $1.43 billion.

“The total number of trades was doubled too, over half a million individual trades by them,” Bloomberg ETF analyst Eric Balchunas said of the nine new spot bitcoin ETFs. “IBIT alone > QQQ [the Invesco ETF tracking the Nasdaq-100 Index].”

“Bitwise, Invesco, ARK's bitcoin ETFs have all broken their personal volume records today too,” Balchunas added. “I asked around to some market makers and most say this volume is largely a function of natural demand vs algo/arb type volume. To quote Buffalo Springfield ‘there's something happening here.’"

The cumulative trading volume for the U.S. spot bitcoin ETFs now stands at $65.64 billion.

Bitcoin is currently trading at $62,486, according to The Block's price page. The largest cryptocurrency by market cap gained a further 5% over the last 24 hours. Bitcoin is now up by more than 22% over the past week and 48% year-to-date — just 10% shy of its prior all-time high of around $69,000 set in November 2021.

BTC/USD price chart. Image: The Block/TradingView.