Spot Bitcoin exchange-traded funds in the U.S. received a total daily net inflow of $28.32 million on Wednesday, marking their 12th consecutive day of positive flows – the longest streak since the final week of February.

Leading the inflows was BlackRock’s IBIT, attracting $24.5 million in funds according to data from SoSoValue. BlackRock's status as the world's largest asset manager has helped it gained quick relevance in the nascent Bitcoin ETF market.

On the other hand, Grayscale’s GBTC experienced net outflows of $31 million, widening the gap between IBIT and GBTC. This shift occurred after IBIT surpassed GBTC to become the largest Bitcoin ETF in terms of net assets under management on Tuesday.

Fidelity’s FBTC, ranking as the third-largest spot Bitcoin ETF, followed closely behind IBIT with net inflows of $18 million. Bitwise's ETF saw $11 million in net inflows, while other funds, including those from Ark Invest, 21Shares, Invesco, Galaxy Digital, and WisdomTree, reported smaller inflows.

Collectively, the 11 spot Bitcoin ETFs received over $2 billion in net inflows over the past 12 days, bringing the cumulative total since January to $13.76 billion. In other developments, U.S. ETF issuers are preparing for the launch of spot Ethereum ETFs following the Securities and Exchange Commission's approval of the 19b-4 forms for such funds last week. However, these firms must still obtain approval for their S-1 forms from regulators before the spot Ether funds can commence trading.

Image Source: Associated Press