U.S. spot bitcoin exchange-traded funds (ETFs) added $137.33 million on Wednesday, marking the third consecutive day of positive inflows. BlackRock's IBIT accounted for $136.01 million of the total, while Bitwise's BITB contributed $1.32 million.
The three-day inflow sequence totaled approximately $423.66 million, with Monday bringing $110.34 million and Tuesday accelerating to $175.99 million. Trading volume eased to $1.26 billion on Wednesday, the lowest of the week, while net assets climbed to $104.88 billion.
Concentration Among Leading Issuers
While the consistent inflows provide a stronger institutional backdrop for bitcoin, the concentration of capital warrants attention. Monday's $110.34 million inflow came entirely through IBIT, and Wednesday's demand again centered almost exclusively on BlackRock. Fidelity joined the buying on Tuesday, but broader participation across multiple issuers remains limited.
According to Bloomberg ETF analyst James Seyffart, the average primary-market cost basis of U.S. bitcoin ETF creations stands at just under $82,000. Seyffart estimates the funds collectively hold roughly 1.3 million bitcoin, describing the figure as a rough gauge of where capital entered the products.
Ether ETFs Show Improving Outflow Pattern
Ether ETFs lost $21.41 million on Wednesday, extending their weekly outflow streak but demonstrating a marked improvement in pace. Monday's loss was $88.58 million, followed by $60.22 million on Tuesday, bringing three-day outflows to approximately $170.21 million.
An internal rotation is emerging within ether products. BlackRock's ETHA recorded $44.83 million in outflows on Wednesday, while Fidelity's FETH attracted $18.78 million, Grayscale's Ether Mini Trust added $3.62 million, and Morgan Stanley's MSSE brought in $1.02 million. Net assets for ether ETFs closed at $14.27 billion with trading activity reaching $480.72 million.
Other Crypto Assets
Solana ETFs lost $5.66 million on Wednesday through Bitwise's BSOL, bringing losses since Monday to roughly $33.05 million. Wednesday's decline was smaller than Tuesday's $19.16 million exit, suggesting selling pressure may be moderating.
Zcash ETFs continued their upward trajectory, with Grayscale's ZCSH attracting $2.07 million and extending its inflow streak to seven sessions. Zcash ETFs have added approximately $7.48 million this week. HYPE, NEAR, and XRP recorded no net flows on Wednesday.
