United States spot Bitcoin ETFs recorded a combined daily net inflow of $257.34 million, marking the fourth consecutive day of positive capital movement. This surge in institutional demand coincided with Bitcoin ($BTC) climbing back above the $65,000 price mark for the first time in several weeks. Fidelity’s Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT) led the day’s activity, contributing $83 million and $79 million, respectively, as Wall Street’s appetite for regulated crypto exposure intensifies.
Institutional giants lead the charge
The recent influx of capital into spot Bitcoin ETFs has been largely driven by the top-tier asset managers. BlackRock’s IBIT, which remains the leader in net asset value, broke a three-week period of relatively stagnant flows with its $94 million contribution. Ark Invest and 21Shares also reported significant activity, with $62 million in net inflows into their ARKB fund. Even Grayscale’s GBTC, which has faced consistent outflows since its January conversion, managed a rare positive day with $4.64 million in net inflows.
Financial analysts point to the latest 13F filings as a key driver of current sentiment. Major institutions, including Morgan Stanley and Millennium Management, recently disclosed holdings worth hundreds of millions in these spot products. Millennium Management, in particular, revealed a staggering $1.94 billion investment across five different Bitcoin funds. This transparency has provided a confidence boost to the market, suggesting that institutional players are shifting from speculation to strategic, long-term allocation.
Macroeconomic tailwinds and market sentiment
The price rally to $65,000 is not happening in a vacuum. It follows a period of favourable macroeconomic data, including the latest US gross domestic product growth estimates, which came in at 3%.
The recent Bitcoin recovery is noteworthy as it challenges significant resistance levels, a pattern last observed in late August. According to prior reports by DeFi Planet, a stark contrast is emerging between conventional private credit funds and new digital credit products backed by Bitcoin, with performance data underscoring substantial differences in investor trust and price stability.
For instance, FSK, a major publicly traded business development company and a barometer for the private credit industry, has seen its shares drop approximately 45% over the past year. Now trading around $13, its stock is significantly below its stated net asset value of $21.99. This indicates mounting investor doubt concerning portfolio valuations and increasing credit stress within the sector.
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