U.S. spot Bitcoin exchange‑traded funds (ETFs) attracted $137.33 million in net new assets on Wednesday, extending a three‑day inflow streak that has pushed week‑to‑date additions above $423 million, according to Bitcoin.com. The surge was almost entirely driven by BlackRock’s iShares Bitcoin Trust (IBIT), which alone accounted for $136.01 million of the day's net flow.

BTC / USD
Source: CoinGecko. Prices are indicative.

BlackRock dominates the inflow surge

The concentration of demand on a single issuer was evident throughout the week. Monday’s $110.34 million inflow came solely from IBIT, while Tuesday saw a broader, though still limited, participation with Fidelity’s Fidelity Bitcoin ETF adding $175.99 million. Wednesday’s flow reverted to a near‑monopoly, with Bitwise’s BITB contributing only $1.32 million alongside BlackRock’s dominant share. Bloomberg ETF analyst James Seyffart estimates that the collective primary‑market cost basis for U.S. Bitcoin ETF creations sits just under $82,000 per Bitcoin, and the funds now hold roughly 1.3 million BTC.

Ether ETFs see outflows ease

Ether‑linked ETFs continued to post net redemptions, but the pace slowed. Wednesday’s outflow was $21.41 million, down from $88.58 million on Monday and $60.22 million on Tuesday, leaving a cumulative loss of about $170 million for the first three sessions. BlackRock’s ETHA was the only product to register a net outflow on Wednesday ($44.83 million), while Fidelity’s FETH attracted $18.78 million of new capital. Grayscale’s Ether Mini Trust and Morgan Stanley’s MSSE added modest inflows, highlighting a modest rotation within the Ether ETF space.

Other crypto ETFs: mixed signals

Solana ETFs posted another small loss, with Bitwise’s BSOL shedding $5.66 million, bringing the category’s total decline to $33 million since Monday. By contrast, Zcash ETFs continued their inflow streak, extending it to seven consecutive sessions and adding $7.48 million this week, according to Grayscale’s ZCSH. Hype, Near and XRP ETFs recorded no net flows on Wednesday, suggesting a narrowing focus on Bitcoin and a few niche assets.

What to watch next

Analysts will monitor whether additional issuers such as Fidelity, Bitwise or newer entrants can broaden the inflow base for Bitcoin ETFs, which would make the recent rally more resilient. The Ether ETF outflow trend will also be scrutinized for signs of a bottom, especially if Fidelity’s FETH continues to attract fresh capital. Finally, the performance of Zcash and Solana ETFs may serve as early indicators of whether capital is rotating toward alternative privacy or layer‑1 assets as the broader market digests October’s risk‑off environment.