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.
Weekly flows in US spot Bitcoin ETFs since Jan. 2, 2026. Source: SoSoValueBlackRock’s IBIT leads inflows with $297 million as ETF trading rebounds
BlackRock’s 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.
Spot Bitcoin ETF flows by issuer on Feb. 23–25, 2026. Source: Farside.co.ukReflecting the recovering interest, ETF trading volumes rebounded above $4.3 billion, the highest level since Feb. 9.
Jane Street’s ETF controversy adds to mounting “paper Bitcoin” concerns
The renewed buying comes as some investors continue to debate how market structure affects Bitcoin price discovery, including the role of big 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.
“The answer is trickier than the question,” Bitwise adviser Jeff Park noted in an X post on Wednesday, adding: “But it’s also more structurally unsettling than the conspiracy theory itself — and once you understand the actual mechanics, you won’t be able to unsee them,” he added.
Source: hodlonaut“The short answer is that no AP explicitly suppresses Bitcoin price,” Park said, stressing that it’s rather the integrity of the price discovery mechanism that the AP structure can suppress.
“Those are not the same thing—but the second is arguably more consequential than the first,” he added.
Some analysts noted that selling pressure on Bitcoin has persisted since October 2025, raising doubts about the impact of individual players.
Related: ‘Bitcoin scarcity is dead’: Crypto executives push back on viral claim
Concerns over “paper Bitcoin,” 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 Korea’s 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
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