JP Morgan note that Wednesday was biggest day for bitcoin ETF net inflows, analysts at the firm estimated that the funds saw $675 million of net sales on Wednesday.
- This was the largest single day of net sales for the group, contributing to the ~$7.5bn accrued since launch.
- Gross sales (ex-GBTC) of $892mn came in just below below the all-time record (~$918mn), as Grayscale’s GBTC outflows were relatively robust at $216mn on Wednesday,
- JPM said inflows mirror the recent spike in trading volume of the funds, and the move higher in price for crypto is attracting interest to the funds
