US spot Bitcoin funds extended their rebound Wednesday as BTC reclaimed $68,000, pulling in $506.5 million in inflows, the largest daily total since Feb. 2.
Bitcoin (BTC) exchange-traded funds (ETFs) are nearing a potential first week of inflows after five weeks of net outflows totaling $3.8 billion, with weekly inflows now at $560.4 million, according to SoSoValue data.
The gains mark two consecutive days of inflows, hinting at a possible upside following a massive February sell-off that wiped out $20 billion in net assets.
BlackRockโs IBIT leads inflows with $297 million as ETF trading rebounds
BlackRockโs iShares Bitcoin Trust ETF (IBIT) saw the largest share of inflows yesterday, attracting $297.4 million, according to Farside data.
The Bitwise Bitcoin ETF (BITB) and the Fidelity Wise Origin Bitcoin Fund (FBTC) followed with $39.4 million and $30.1 million in inflows, respectively.
Reflecting the recovering interest, ETF trading volumes rebounded above $4.3 billion, the highest level since Feb. 9.
Jane Streetโs ETF controversy adds to mounting โpaper Bitcoinโ concerns
The renewed buying comes as some investors continue to debate how market structure affects Bitcoin price discovery, including the role of large market-making firms like Jane Street and authorized participants (APs) that help create and redeem ETF shares.
In rumors circulating on X following a recent lawsuit filed by Terraform Labs administrator Todd Snyder, Jane Street has been accused of influencing prices through derivatives exposure to BTC and market manipulation.
โThe answer is trickier than the question,โ Bitwise advisor Jeff Park noted in an X post on Wednesday, adding. โBut itโs also more structurally unsettling than the conspiracy theory itself โ and once you understand the actual mechanics, you wonโt be able to unsee them,โ he added.
โThe short answer is that no AP explicitly suppresses Bitcoin price,โ Park said, stressing that itโs rather the integrity of the price discovery mechanism that the AP structure can suppress.
โThose are not the same thingโbut the second is arguably more consequential than the first,โ he added.
Some analysts noted that selling pressure on Bitcoin has persisted since October 2025, raising doubts about the impact of individual players.
Related: โBitcoin scarcity is deadโ: Crypto executives push back on viral claim
Concerns over โpaper Bitcoin,โ in which firms trade without acquiring actual crypto, have lingered since early February, when The Kendall Report highlighted ETFs as a contributor.
The debate intensified recently after a mishap at South Koreaโs Bithumb exchange, which mistakenly distributed 620,000 BTC it did not hold, underscoring ongoing questions about transparency and market integrity.
Magazine: Bitdeer sells all Bitcoin, Metaplanet rejects misconduct claims: Asia Express
