US Bitcoin spot funds increased inflows on Wednesday, with gains spread across most issuers as BTC briefly topped $73,000.
Spot Bitcoin (BTC) ETFs recorded net inflows of $462 million, marking the third straight day of inflows and bringing the weekly total to $1.1 billion, According to to Farside data.
The modern gains bring year-to-date flows to about $700 million, a modest amount after ETFs lost $3.8 billion during a five-week streak of outflows.
Ether Funds (ETH) echoed this sentiment, drawing an inflow of $169 million on Tuesday following minor outflows of $11 million.
The flows highlight a potential market reversal, with analysts observing that most Bitcoin ETFs have now turned to positive net flows year-to-date.
All but one spot Bitcoin fund is reporting gains
Wednesday was a uncommon occasion when almost all US Bitcoin spot funds attracted inflows, with only the CoinShares Bitcoin ETF (BRRR) recording zero inflows on the day.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) again delivered $307 million in inflows, followed by Fidelity Wise Origin Bitcoin Fund (FBTC) and Grayscale Bitcoin Mini Trust ETF (BTC) with $48 million and $32 million, respectively.
As of Tuesday, almost all Bitcoin ETFs were net positive in year-to-date flows, with only three funds still showing losses, according to Bloomberg ETF analyst Eric Balchunas.
These include FBTC with an outflow of $1.1 billion, as well as the Grayscale Bitcoin Trust ETF (GBTC) and ARK 21Shares Bitcoin ETF (ARKB), which saw outflows of $648 million and $162 million, respectively.
The recent wave of growth in the Bitcoin ETF market came after an attempt to revive sentiment, along with the Crypto Fear & Greed Index jumping According to Alternative.me data, 12 points in the last 24 hours.
Related: Altcoin discussion drops to 2-year low as Bitcoin attracts attention
Even though Bitcoin has recovered about 20% from its February low of $60,000, the index still remains at the “extreme fear” level with a score of 20.
At the time of writing, Bitcoin is trading at $72,214, down approximately 8% over the last 30 days. According to this CoinGecko.
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