Bitcoin exchange-traded funds recorded net inflows of $45.6 million on Wednesday.
Unsurprisingly, BlackRock's IBIT is in the lead with $53 million worth of inflows. WisdomTree's ETF is in a distant second place with $10.5 million.
Grayscale's Bitcoin Mini Trust ETF comes in third place with $9.7 million.
These inflows were able to offset the $30.6 million worth of inflows recorded by Grayscale.
Meanwhile, Bitcoin is currency trading at $57,159, up 0.4% over the past 24 hours.
Earlier this month, the cryptocurrency endured a massive crash in tandem with global stock markets. On Aug. 5, it collapsed to $49,577, the lowest level since early February.
Alex DovbnyaHowever, the cryptocurrency has managed to recover in a relatively short span of time. Despite its speedy recovery, the Bitcoin crash has once again undermined the narrative that the crypto king can possibly serve as a reliable store of value considering that it was acting like a typical risk asset.
On a positive note, Bitcoin ETF buyers barely budged during the recent sell-off. For instance, BlackRock's IBIT did not record any outflows during the recent market mayhem. This fact flies in the face of critics like financial commentator Peter Schiff, who recently predicted that ETF buyers would be the first to jump ship.
In the meantime, Bitcoin ETFs continue to gain more mainstream acceptance, with banking giant Morgan Stanley recently authorizing thousands of financial advisers to pitch these products to clients.
The launch of Bitcoin ETFs earlier this year propelled the leading cryptocurrency to its current all-time peak in March. Bitcoin is currently down 22% from its record high.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin