U.S. spot bitcoin ETFs drew $517.19 million in net inflows Wednesday. The haul was the strongest single-day tally in more than three months, driven by a Treasury bond buyback announcement that rippled through crypto markets and pushed bitcoin to its highest level since June.
The mark, the largest since May 4, comes from SoSoValue data. Eight of 12 bitcoin ETFs took in fresh capital. BlackRock’s IBIT led at $284.7 million, according to The Block. Ark & 21Shares’ ARKB pulled $77.7 million. Fidelity’s FBTC added $62.4 million.
The catalyst came out of Washington. The Treasury Department said Wednesday morning it would at least double the size of its liquidity support buyback operations for longer-dated nominal coupon securities across the 10- to 30-year segment. Jeff Mei, COO at crypto exchange BTSE, told The Block the inflow was a “natural reaction” to the announcement. “When the Treasury signals it’s stepping in to cap Treasury yields, the dollar softens, risk appetites return, and bitcoin and crypto benefit,” he said.
Bitcoin climbed above $69,000 for the first time in two months. At press time Thursday it traded at $69,564, up 8.3% over 24 hours. Ether reclaimed $2,000, changing hands at $2,251 for a nearly 18% gain. XRP and Solana each rose around 10%. The broader crypto market gained 8%.
Rachael Lucas, an analyst at BTC Markets, read the print as more than a reflex. “After the heavy outflows seen in May-June and more choppy flows through parts of July and mid-August, a print of this size signals that larger allocators are once again treating current levels as constructive entry points or adding on strength,” she told The Block. “It is not opportunistic day-trading money; these are typically longer-horizon allocations from players who have the compliance frameworks and balance-sheet capacity to move size.”
A separate regulatory signal surfaced alongside the flows. The SEC proposed a rule Tuesday that would create two tailored exemptions for certain crypto investment contracts: issuers could raise up to $5 million over four years or $75 million annually, subject to disclosure requirements. The proposal was not directly tied to the ETF inflow move.
Not all of the rally’s tailwinds were monetary. HYPE token surged after President Donald Trump publicly commented that CFTC Chair Michael Selig is working to bring Hyperliquid into the U.S. “in a fully compliant and legal fashion.” LIT token added 23.5% to $2.84 over 24 hours.
Whether the inflow marks a durable turn depends on what follows. “A lot depends on whether the buybacks are a one-off move or an ongoing initiative,” Mei said. He pointed to next week’s CPI data and any commentary from Treasury Secretary Scott Bessent on whether the buyback strategy would be sustained. The U.S.-Iran conflict, he noted, is another variable traders are watching.
Lucas struck a steadier tone. “Overall, Wednesday’s print is a constructive data point that institutional demand remains very much alive and capable of absorbing supply when the setup improves,” she said.
