How Bitcoin ETFs ‘are on a bender’ scoring $919m in inflows

US exchange-traded funds are gulping down Bitcoin at a staggering pace.

On Wednesday, Bitcoin ETFs hauled in $919 million, marking their second consecutive day accumulating more than $900 million in fresh capital, according to JPMorgan data.

BlackRock’s IBIT commanded the shopping spree, with $645 million in inflows — amassing 70% of the group’s total inflows. ARK 21Shares’ fund ARKB and Fidelity’s FBTC followed with $130 million and $125 million, respectively.

The sheer scale and speed these buys have floored market watchers.

“ETFs are on a bitcoin bender, and have consumed nearly 25,000 btc in three days,” Bloomberg ETF analyst Eric Balchunas said on X.

“What’s really notable here is just HOW FAST the flows can go from 1st gear to 5th gear.”

In the past three days, Bitcoin ETFs scooped up 25,000 Bitcoin worth $2.3 billion. Bitcoin has also enjoyed a jump in prices and is up 9% to $93,000 over the past week.

What’s notable is that the institutional buying comes right at the moment Bitcoin potentially decouples from equities. While tech stocks stumbled this week under the weight of Donald Trump’s erratic tariff policies, Bitcoin’s price climbed steadily, suggesting ETF investors might be viewing the top crypto as a safe haven rather than just another risk-on trade.

Basis trade

Some of this massive ETF buying isn’t just regular investors betting on Bitcoin’s future, analysts say.

Instead, it’s professional traders making quick money through what’s called a basis trade.

“Probably some [of the volume] is a basis trade back in effect,” Balchunas said.

When Bitcoin’s price starts to move — in either direction — a gap sometimes opens up between Bitcoin ETF prices and Bitcoin futures contracts. Traders spot this gap, and buy one while selling the other, pocketing the difference while offsetting most of the risk.

“That’s the fast money that tends to come in and out with price.”

Is it a trend?

Meanwhile, many investors are asking themselves if there’s a reversal in the works.

That’s because in late February, Bitcoin tanked with outflows just as large as this week’s inflows.

For market analytics firm Ecoinometrics, these flows are doing more than moving prices — they’re revealing market sentiment in real time.

“The inflows this week hint at a rebound in confidence,” Ecoinometrics wrote on X Thursday.

“But for this to be a regime shift, we’ll need to see more than a one-day spike.”

Pedro Solimano is a markets correspondent based in Buenos Aires. Got a tip? Email him at psolimano@dlnews.com.