Spot bitcoin exchange-traded funds in the U.S. reported $517.19 million in net inflows on Wednesday amid a notable rebound in the cryptocurrency market.
According to data from SoSoValue, eight out of 12 bitcoin ETFs recorded net inflows on the day, led by $284.7 million worth of inflows into BlackRock's IBIT.
Ark & 21Shares' ARKB logged $77.7 million in inflows, and Fidelity's FBTC reported $62.4 million.
Total inflows into the bitcoin funds were the largest since May 4 — three months and 16 days ago.
Analysts concurred that the sizable net inflows resulted from positive news that drove up the crypto market after months of downturn.
