Bitcoin ETFs Gain Momentum as BlackRock Leads Inflows
US spot Bitcoin ETFs saw $506.5 million in inflows, the largest daily total since February 2, as BTC reclaimed $68,000.Summary
US spot Bitcoin exchange-traded funds (ETFs) are showing renewed momentum, recording $506.5 million in inflows on Wednesday, marking the largest daily inflow since February 2, as Bitcoin (BTC) reclaimed the $68,000 level. This follows five consecutive weeks of net outflows totaling $3.8 billion, with weekly inflows now reaching $560.4 million. BlackRock’s iShares Bitcoin Trust ETF (IBIT) led the surge, attracting $297.4 million, followed by Bitwise's BITB and Fidelity's FBTC. ETF trading volumes also rebounded above $4.3 billion. This renewed buying interest occurs amid ongoing debates concerning market structure, specifically the role of large market-making firms like Jane Street and authorized participants (APs) in price discovery, fueled by rumors of price manipulation allegations. Experts suggest that while no AP explicitly suppresses the price, the structure of APs might suppress the integrity of the price discovery mechanism, raising concerns about "paper Bitcoin" where firms trade without holding actual crypto.
(Source：Cointelegraph)