Spot bitcoin (BTC) exchange-traded funds in the U.S. reported their fifth consecutive day of net inflows on Wednesday, bringing the combined inflows to nearly $1.7 billion.

According to SoSoValue data, bitcoin ETFs recorded a net inflow of $46.3 million yesterday. Net outflows from Fidelity's FBTC and three other funds were offset by $134.6 million in inflows into BlackRock's IBIT.

Combined with the past four days of inflows, the bitcoin funds have attracted $1.69 billion during the five-day inflow streak. Moreover, the ETFs are on track to report their sixth consecutive week of net inflows, which would be the longest weekly streak since July 2025.

"The recent bitcoin ETF inflow streak highlights deepening institutional optimism in bitcoin as a strategic, long-term allocation rather than a short-term speculative trade, delivering hope for a new bull market cycle to start," said Nick Ruck, director of LVRG Research. 

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Strong institutional inflows have coincided with the broader crypto market rally in recent weeks. Bitcoin, after falling to around $62,000 in February, has rebounded in recent weeks to trade in the $81,000 to $82,000 range. It is up 26% in the past three months.

"These strong institutional flows serve a central role in driving the ongoing bitcoin price rally, reinforcing market stability and paving the way for broader crypto adoption," Ruck said.

Meanwhile, spot Ethereum ETFs posted their fourth consecutive day of net inflows, drawing in $11.6 million on Wednesday and a combined $271.6 million over the four-day period.