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Spot Bitcoin (BTC) exchange-traded funds (ETFs) saw a net inflow of $45.6 million on Wednesday. The $45.6 million net inflow indicates that Bitcoin remains popular and that investors continue to show interest in this asset class.
Current Status of Spot Bitcoin ETFs
BlackRock’s IBIT ETF, which leads in the amount of funds held in spot Bitcoin ETFs, received the largest share of the day with an inflow of $53 million. WisdomTree’s ETF came in second with an inflow of $10.5 million. Grayscale’s Bitcoin Mini Trust ETF ranked third with an inflow of $9.7 million.
The inflows into ETFs were able to offset the $30.6 million outflows recorded by Grayscale. This once again demonstrated how strong an investment vehicle spot Bitcoin ETFs are.
Bitcoin is currently trading at $57,159, with a limited increase of 0.4% in the last 24 hours. Despite this, its current position shows strength after a significant drop along with global stock markets at the beginning of the month, falling to $48,800 on August 5. This level corresponds to the lowest seen since early February.
Recovery Not Enough to Alleviate Criticisms
However, Bitcoin’s rapid recovery was not enough to alleviate the criticisms of those questioning its reliability as a store of value. Bitcoin’s behavior like a typical risky asset justifies these criticisms. Nevertheless, the fact that spot Bitcoin ETF buyers hardly moved during the recent sell-off is seen as a positive development. Notably, no outflows were recorded in BlackRock’s IBIT ETF, supporting those who argue against the critics. For instance, financial commentator Peter Schiff had predicted that ETF buyers would be among the first to flee, but no such movement has been observed yet.
For now, spot Bitcoin ETFs continue to gain mainstream acceptance. Banking giant Morgan Stanley recently authorized thousands of its financial advisors to offer these products to clients. This step is seen as an indication of Bitcoin’s increasing acceptance among institutional investors.
