Bitcoin (BTC-USD) may be taking a breather price-wise, but U.S. Bitcoin ETFs are pulling in record inflows, pointing to booming institutional interest. After a week of steady gains, Bitcoin hit a slight bump, dropping around 0.5% in the last 24 hours before stabilizing above $72,400. But while Bitcoin’s price took a pause, the ETFs tied to it certainly didn’t, showing just how popular this crypto is among major investors.
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Inflows Reach New Heights
U.S.-based Bitcoin ETFs saw more than $893 million in net inflows on Wednesday, marking the second straight day with over $850 million, a rare feat according to data from Farside Investors. BlackRock’s IBIT (IBIT) was the star, receiving a staggering $872 million in inflows, while other ETFs saw more modest gains. Traders say these high inflows reveal “robust institutional demand” and growing confidence in Bitcoin’s place as a market staple.
Bitcoin Dominance Climbs as Ethereum Loses Ground
With Bitcoin’s market dominance now around 59.8%, the largest cryptocurrency is outperforming Ethereum (ETH-USD) by nearly 10% week over week, Augustine Fan of SOFA told CoinDesk. As he put it, “Strong BTC net inflows indicate robust institutional demand as BTC dominance continues to rise.”
At the time of writing, BTC is sitting at $72,335.76.
