Spot bitcoin ETFs attract $609 million in net inflows as BTC renews all-time high

Spot bitcoin exchange-traded funds in the U.S. reported $609 million in net inflows on Wednesday, extending their positive streak to a sixth day.

The significant inflows coincided with bitcoin's rise past its previous all-time high of around $108,000 yesterday. Bitcoin has since set a new record and is currently trading above $111,000.

Analysts say bitcoin’s latest upward momentum is primarily driven by institutional factors, such as large capital inflows into spot ETFs and continued fundraising by publicly traded firms like Strategy to invest in bitcoin.

"Today's demand is driven by institutional-grade infrastructure and stronger regulatory clarity," said Caroline Bowler, CEO at BTC Markets. "Investor sentiment has shifted decisively, reflecting institutional-style allocations."

On Wednesday, BlackRock's IBIT spearheaded net inflows with $530.6 million, while Fidelity's FBTC, Bitwise's BITB, and Grayscale Mini BTC Trust also recorded positive flows exceeding $20 million each, according to data from SoSoValue. Spot ETFs from VanEck, Ark 21Shares and Valkyrie also saw net inflows.

The 12 bitcoin ETFs collectively recorded $7.64 billion in trading volume on Wednesday, the highest daily total since Feb. 25. In May so far, the ETFs have seen $4.24 billion worth of net inflows, bringing the total cumulative inflows to $43.38 billion.

Entering "uncharted territory," HashKey Capital Partner Jupiter Zheng said bitcoin will likely see increased volatility ahead. Zheng explained that investors are now beginning to factor in unstable geopolitical and macroeconomic conditions when assessing bitcoin's long-term valuation.

According to The Block's bitcoin price page , the world's largest cryptocurrency rose 3.6% in the past 24 hours to $111,435.