U.S. Spot Bitcoin ETFs Pull In $517M as Institutional Appetite Rebounds

U.S.-listed spot Bitcoin exchange-traded funds drew $517.19 million of net inflows on Wednesday, the strongest single-day haul since May 4, as Bitcoin briefly pushed above $72,000 and a more supportive macro backdrop helped bring institutional buyers back. Spot Ether ETFs added another $189 million, lifting combined net inflows across the two asset classes to more than $700 million. BlackRock's IBIT dominated the day's Bitcoin ETF activity, taking in $284.7 million—more than half of the total. SoSoValue data showed eight of the 12 U.S. spot Bitcoin ETFs posted net inflows. ARK 21Shares' ARKB gathered $77.7 million, while Fidelity's FBTC brought in $62.4 million. The inflow surge arrived alongside a sharp crypto market rally. Bitcoin later traded around $69,564, up 8.3% over 24 hours. Ethereum rose nearly 18% to about $2,251, with XRP and Solana each up roughly 10%. The move triggered an estimated $2.7 billion in liquidations tied to bearish positions. Macro watchers also focused on the U.S. Treasury's plan to expand the maximum size of certain buyback operations to $4 billion, effective in September. Investors are assessing whether larger buybacks could support liquidity, pressure yields lower and improve the backdrop for non-yielding assets such as Bitcoin. Regulatory developments added to the tone. The Securities and Exchange Commission proposed two exemptions for certain crypto offerings: one that would allow issuers to raise up to $5 million over four years, and another that would permit eligible offerings of up to $75 million annually, subject to additional disclosure and reporting requirements. Rachael Lucas, a crypto analyst at BTC Markets, said the size of the inflows looks more consistent with institutional repositioning than a retail-led burst. After heavy outflows earlier this year and choppier flows through July and August, she said larger allocators may be treating current levels as attractive entry points or adding to existing exposure. Whether the renewed demand proves durable remains uncertain. The Treasury's expanded buyback cap does not take effect until September, while upcoming inflation data and shifting expectations for Federal Reserve policy could continue to steer Treasury yields and broader risk appetite. For crypto markets, the key question is whether Wednesday's ETF buying marks the beginning of a sustained institutional rebound or a short-lived reaction to improving conditions.