US spot Bitcoin ETFs saw renewed demand on Wednesday, with inflows broad-based across major issuers as BTC briefly breached the $73,000 level. Net inflows into spot BTC funds reached $462 million for the day, marking the third consecutive day of net buying and lifting the weekly total to about $1.1 billion, according to data tracked by Farside. The streak comes after a period of notable redemptions earlier in the year, when funds collectively shed roughly $3.8 billion over five weeks. Ether funds also attracted buyers, drawing roughly $169 million after minor outflows the day before, underscoring a broader appetite for crypto exposure beyond Bitcoin. Bitcoin’s price action remained volatile, trading near $72,214 at the time of writing, after a move that briefly pushed it above $73,000 earlier in the session.

Ether (ETH) funds drew inflows of $169 million on Wednesday following a dip into negative territory the prior day, signaling that capital is rotating back into top-tier digital assets even as traders weigh the macro backdrop. This pattern of inflows across the sector helped flip several ETFs into net-positive territory for the year-to-date period, suggesting that a shift in sentiment could be taking hold after weeks of uneven performance.

Key takeaways

• Spot Bitcoin ETFs posted $462 million in net inflows on Wednesday, extending a multi-day buying cycle and lifting the week-to-date total to roughly $1.1 billion.
• BlackRock’s iShares Bitcoin Trust ETF led the flow with about $307 million, followed by the Fidelity Wise Origin Bitcoin Fund with $48 million and the Grayscale Bitcoin Mini Trust with roughly $32 million.
• With the latest inflows, year-to-date Bitcoin ETF flows have turned net positive for most issuers, reversing a prior stretch of heavy outflows from February through March.
• Ether funds joined the rally, drawing $169 million as investors rotated into ETH alongside BTC exposure.
• Market sentiment improved modestly, reflected in a jump in the Crypto Fear & Greed Index over the past 24 hours, even as the overall index remains in the Fear territory.

Tickers mentioned: $BTC, $ETH, $IBIT, $FBTC, $BRRR, $GBTC, $ARKB

Sentiment: Neutral

Market context

Wednesday’s flow dynamics align with a broader recovery in Bitcoin ETF positioning, as a growing subset of funds has moved back into positive year-to-date territory. The data come amid a cautious but improving risk tone in crypto markets, with the Crypto Fear & Greed Index rebounding by 12 points over 24 hours, signaling a tentative thaw in risk appetite after a tougher February–March period. While Bitcoin remains subject to macro headlines and sector-specific catalysts, the renewed ETF interest underscores ongoing demand for regulated, transparent access to the crypto space via traditional investment channels.

Why it matters

For investors, the persistent inflows into US spot Bitcoin ETFs signal a shift toward greater mainstream adoption of regulated crypto exposure. The fact that inflows have been widespread—across leading issuers and several product types—suggests that buyers are increasingly confident in the ability of these vehicles to offer direct BTC exposure with familiar oversight and structure. The magnitude of inflows also matters for market signals, as sizable daily allocations can influence short-term price dynamics and liquidity, particularly in a market that still reacts sensitively to macro cues and liquidity conditions.

From a market structure perspective, ETF demand plays into the evolving ecosystem of regulated crypto products. The presence of major players like BlackRock (via IBIT) and Fidelity (FBTC) demonstrates continued institutional interest in offering diversified exposure to digital assets through familiar investment vehicles. That interest can help support liquidity and potentially reduce the premium or discount disparities seen in some other BTC tracking instruments, contributing to a more efficient price discovery process in the US ETF landscape.

For the broader crypto economy, steady ETF inflows can bolster confidence in the asset class and encourage additional product development. The inflow backdrop, coupled with a renewed risk-on mood reflected in sentiment metrics, may attract further institutional capital into BTC and ETH, potentially lifting on-chain activity and driving more robust price action in the months ahead. Yet, market participants remain vigilant to volatility drivers—from regulatory developments to macro shifts—that could quickly alter the flow-into-price dynamic that has characterized much of 2024 so far.

What to watch next

• Follow next week’s ETF flow updates to see whether inflows sustain or accelerate across the major BTC funds.
• Monitor any new filings or product launches from large issuers seeking to expand regulated BTC exposure in different wrappers (e.g., additional trusts or futures-linked products).
• Watch BTC price action around key support and resistance levels near $73,000 as ETF inflows translate into price momentum or consolidation.
• Assess year-to-date net flows by issuer to gauge whether the positive trend broadens beyond the current leaders (IBIT, FBTC, BRRR) and which funds might flip back to outflows if risk sentiment shifts.

Sources & verification

• Farside ETF flow data for US spot Bitcoin funds, including daily inflows and weekly totals.
• Bloomberg ETF analyst commentary on year-to-date net flows across Bitcoin funds and outliers.
• Crypto Fear & Greed Index data from Alternative.me for sentiment context.
• CoinGecko price reference for Bitcoin price as of the reporting period.

Bitcoin ETF inflows resume as demand broadens across US funds

US spot Bitcoin (CRYPTO: BTC) ETFs logged a fresh round of inflows on Wednesday, with a broad-based pickup among major issuers. The day’s inflows amounted to $462 million, marking the third consecutive session of positive flows and lifting the weekly total to about $1.1 billion. This rebound followed a period during which the sector faced outflows totaling roughly $3.8 billion over five weeks, underscoring how quickly investor sentiment can shift in response to macro signals and market volatility. The renewed interest underscores a shift back toward regulated, traceable access to BTC exposure, a trend that has gained traction as institutional players seek to balance risk with opportunity in the digital asset space. BTC moved to around $72,214 on the day, after briefly touching levels above $73,000 earlier in the session, reflecting the ongoing tug-of-war between momentum and profit-taking in a market that has become increasingly leverage-sensitive.

Within the ETF landscape, some funds attracted notably larger inflows than others. BlackRock’s iShares Bitcoin Trust ETF (EXCHANGE: IBIT) led the charge with about $307 million, signaling strong demand for the most scalable, widely supported BTC wrapper available to US investors. The Fidelity Wise Origin Bitcoin Fund (EXCHANGE: FBTC) followed with roughly $48 million, while the Grayscale Bitcoin Mini Trust ETF, trading under the BTC ticker, added about $32 million. Notably, not all funds posted inflows on the day; the CoinShares Bitcoin ETF, which trades under BRRR, recorded zero inflows, illustrating that dime-sized variations between vehicles can still occur in any given trading session. The landscape remains a reflection of a broader appetite for regulated access to BTC, rather than a uniform, across-the-board shift in every product category.

The data also align with a broader narrative about ETF-level performance in 2024. Bloomberg ETF analyst Eric Balchunas noted that nearly all Bitcoin ETFs had turned net-positive in year-to-date flows as of Tuesday, with only a handful still showing losses. Among those lagging were the Fidelity FBTC and the Grayscale Bitcoin Trust ETF (GBTC), which had seen outflows of $1.1 billion and $648 million, respectively, as well as ARK 21Shares Bitcoin ETF (ARKB) with about $162 million in outflows. The closing gap between inflows and outflows suggests a consolidation phase where major players are reshaping exposure to BTC through increasingly diverse product lines. Eric Balchunas noted the shifting dynamics in his update, highlighting the resilience of most BTC funds in turning positive for the year.

The renewed ETF activity arrived as market sentiment showed tentative recovery. The Crypto Fear & Greed Index rose by 12 points over the prior 24 hours, signaling a shift away from the depths of fear toward a more balanced posture among crypto traders. While the index remains in cautious territory, the improvement indicates a willingness among investors to re-engage with the asset class after a period of heightened risk aversion. Against this backdrop, BTC traders and ETF investors will be watching whether the inflow momentum carries into continued price strength or simply supports a short-term bounce within a broader consolidation range. Meanwhile, the broader market has seen Ether (ETH) strength alongside BTC, with ETH inflows totaling $169 million as investors rotated into the second-largest cryptocurrency by market cap.

As always, readers should be aware that ETF flows are just one gauge of market health. They often precede or coincide with shifts in price, but can be influenced by fund- specific factors such as redemption risk, share class conversions, and issuer-specific strategies. The coming weeks will reveal whether this latest wave of inflows signals a durable revival in BTC demand or a temporary reprieve within a longer cycle of volatility.

Key Highlights

• Fourth quarter 2025 revenue dropped 17.6% annually to $1.87 million, falling short of the $2.33 million analyst consensus
• Mizuho’s Vijay Rakesh lowered his price target to $43 from $50 while keeping a Buy rating, seeing 142% potential upside
• The company reached 99.9% two-qubit gate fidelity at 28 nanoseconds, potentially outpacing rivals by 3–5x
• Cash reserves stand at approximately $590 million, with an $8.4 million contract from India’s Centre for Development of Advanced Computing
• The roadmap includes exceeding 150 physical qubits by December 2026 and surpassing 1,000 by late 2027

Rigetti Computing’s fourth quarter financial performance disappointed investors, yet the company’s technological achievements paint a more optimistic picture. Let’s break down the situation.

Rigetti Computing, Inc., RGTI

The company reported Q4 2025 revenue of $1.87 million, representing a 17.6% decline compared to the prior year period and missing analyst expectations of $2.33 million. The previous quarter saw revenue of $2.3 million, highlighting a notable sequential decline.

Gross profit margins also contracted, sliding to 35% from the 44% recorded in Q4 2024. Management pointed to contract mix as the primary factor behind this margin compression.

Operating losses expanded to $22.6 million during the quarter versus $18.5 million in the year-ago period. Operating expenses climbed to $23.2 million from $19.5 million, primarily reflecting increased investment in research and development.

The company recorded a per-share loss of $0.03, matching Wall Street’s consensus forecast.

In response, Mizuho’s Vijay Rakesh reduced his price objective from $50 to $43 — representing a 14% reduction. However, he maintained his Buy recommendation.

The $43 target price suggests approximately 142% potential upside from present trading levels. Rakesh’s valuation methodology applies roughly 9x to his projected revenue 30 months forward, based on Rigetti capturing a 10% share of the quantum computing sector.

First Quarter Guidance and Contract Pipeline

Rakesh projects Q1 2026 revenue reaching $3 million — representing a 62% sequential increase and 106% growth year-over-year. This anticipated expansion is primarily driven by Rigetti’s $5.7 million Novera quantum processor agreement.

Additionally, the company plans to ship its inaugural Cepheus-1 108-qubit system to India’s Centre for Development of Advanced Computing during the latter half of 2026, representing an $8.4 million engagement.

Rigetti’s balance sheet shows approximately $590 million in cash, providing sufficient capital to pursue its development timeline without near-term funding concerns.

Quantum Hardware Advancements

On the technology front, Rigetti demonstrated 99.9% two-qubit gate fidelity utilizing an innovative adiabatic CZ technique at 28 nanoseconds. According to the company, this performance potentially exceeds competing methodologies by a factor of 3 to 5.

The company has successfully deployed both an 84-qubit monolithic chip architecture and a 36-qubit chiplet-based configuration to cloud platforms.

Rigetti manages Fab One, characterized as the quantum computing industry’s first purpose-built integrated device fabrication center.

Strategic collaborations include working with Riverlane on error correction technologies and Nvidia to connect quantum processors with GPUs and CPUs through NVLink, leveraging CUDA-Q software for hybrid computing environments.

The company’s technical roadmap calls for exceeding 150 physical qubits by December 2026 and surpassing 1,000 qubits by year-end 2027. Management estimates quantum advantage is approximately three years from realization.

According to TipRanks, RGTI stock carries a Moderate Buy consensus rating derived from five Buy recommendations and two Hold recommendations. The analyst average price target stands at $37.60, suggesting approximately 111.7% upside potential from current trading prices.

Over the trailing twelve months, RGTI stock has appreciated more than 117%.

TLDR

• Baird maintained its Outperform rating on Nvidia while increasing the price target from $275 to $300
• Wedbush similarly elevated its target to $300 from $230, keeping its Outperform stance
• Analysts highlight Q1 guidance as exceeding buy-side expectations by a significant margin
• The chipmaker has ceased production of China-specific processors, redirecting TSMC capacity toward upcoming Vera Rubin architecture
• Shares of NVDA are currently trading around $183, reflecting gains exceeding 1,100% over three years

The semiconductor powerhouse reported an impressive quarterly revenue of $68 billion, marking a 73% year-over-year surge, prompting analysts to adjust their outlooks upward.

NVIDIA Corporation, NVDA

On February 26, Baird confirmed its Outperform stance on Nvidia while bumping its price objective from $275 to $300. The investment firm highlighted data center revenue acceleration reaching nearly double its prior growth pace, while noting that virtual reality metrics are outperforming competitor benchmarks.

Wedbush echoed this sentiment on the same date, upgrading its price objective from $230 to $300 and maintaining its Outperform designation.

Both analyst firms see potential gains exceeding 69% from the stock’s current trading range.

Wedbush emphasized that the Q1 guidance represented the most impressive aspect of Nvidia’s quarterly disclosure. According to the firm, the forward-looking projections substantially exceeded previous buy-side estimates.

Baird revised its financial models to incorporate the robust performance across business segments, with particular strength in data center operations and virtual reality divisions.

NVDA shares currently hover near $183, positioning the company’s market capitalization at roughly $4.4 trillion. The 52-week trading band extends from $86.62 to $212.19.

The equity trades at approximately 22x forward earnings projections, which several market observers consider attractive relative to its expansion profile.

Manufacturing Pivot from China to Vera Rubin Platform

According to a Financial Times article from March 5, Nvidia has discontinued production of semiconductors designated for Chinese customers.

The company has reallocated its manufacturing resources at TSMC, shifting from H200 chip production to focus on its upcoming Vera Rubin generation.

Sources familiar with the situation informed the Financial Times that Nvidia anticipates persistent regulatory obstacles from both U.S. and Chinese authorities will constrain China sales for the foreseeable future.

The Vera Rubin architecture is slated for introduction in late 2026, aligning with Nvidia’s strategy of implementing yearly GPU architecture updates.

Understanding the Analyst Price Projections

Achieving the $300 target from the current $183 level would necessitate approximately 64% appreciation.

One market analyst following the semiconductor giant projects Nvidia could approach $250 within the calendar year, implying a 37% advance from its March 2 closing price.

The same analyst suggested that while $300 remains achievable under favorable market circumstances and reduced investor anxiety, the $250 scenario appears more probable in the immediate term.

Customer appetite for preceding GPU generations—including Blackwell and Blackwell Ultra architectures—remains robust, while cloud service providers continue substantial capital allocation toward AI infrastructure buildouts.

Nvidia’s commitment to annual GPU architecture refreshes maintains a consistent product roadmap for enterprises seeking cutting-edge AI computing capabilities.

As of March 5, NVDA closed at $183.08, posting a 1.68% intraday gain.

IREN (IREN), a data center operator focused on AI cloud infrastructure, said it agreed to buy more than 50,000 specialized processing chips from Nvidia (NVDA), expanding its capacity by about 50%.

The B300 GPUs, or graphic processing units, will take the Sydney-based company’s total AI compute fleet to about 150,000 GPUs. A GPU is a specialized chip for performing large numbers of parallel computations, enabling the training and operation of artificial intelligence models at high speed.

The company also filed for a potential at-the-market share sale of up to $6 billion as part of its broader capital management strategy. The shares dropped 5% in pre-market trading on Thursday due to potential dilution.

The additional hardware is expected to be deployed in phases through the second half of 2026 across the company’s air-cooled data centers in Mackenzie, British Columbia, and Childress, Texas. Once fully deployed, the expanded fleet is projected to support more than $3.7 billion in annualized AI cloud revenue, positioning IREN among the larger AI cloud infrastructure providers globally.

IREN said it has secured about $9.3 billion in funding over the past eight months through customer prepayments, convertible notes, GPU leasing and financing arrangements, with roughly $3.5 billion in additional capital expenditures expected for the new GPU deployments in the second half of 2026.

Weekly net stablecoin inflows rebounded last week as onchain activity picked up even while US lawmakers and banking groups sparred over whether stablecoin issuers should be allowed to pay yield, according to a new report from Messari.

Weekly net stablecoin inflows accelerated to $1.7 billion, a 414.5% increase week-on-week, according to the report published on Wednesday.

The recovery also flipped the 30-day average to a positive $162.5 million in daily inflows. Transaction volumes also rose 6.3%, while average transaction size continued to decline, reflecting renewed stablecoin issuance demand and “strengthened” onchain activity amid retail investors, the report said.

Stablecoin inflows track net new stablecoins entering circulation after accounting for redemptions.

The surge follows a weaker period earlier in the year. Messari data showed $249 million in weekly inflows two weeks earlier and $4.4 billion in net outflows over the 30 days leading up to Feb. 18.

Stablecoin yield debate stalls US market structure bill

The renewed demand comes as debate in Washington has sharpened over “yield-bearing” stablecoins. Banking groups have argued that allowing stablecoin issuers to pay yield would create a loophole that could pull deposits away from banks, and have urged lawmakers to restrict the practice as they negotiate a broader crypto market structure bill.

Related: Indiana lawmakers pass crypto rights bill banning discriminatory taxes

Initially scheduled for mid-January, the Senate Banking Committee’s markup of the bill was postponed indefinitely amid disputes over stablecoin yield.

On Tuesday, US President Donald Trump criticized banks for stalling the Senate’s bill.

“The Genius Act is being threatened and undermined by the Banks, and that is unacceptable — We are not going to allow it,” said Trump in a Tuesday post on the Truth Social platform.

Related: Tether invests in AI sleep tracking firm at a $1.5B valuation

The GENIUS Act, a federal framework for regulating stablecoin issuers, prohibits issuers from paying interest or yield solely for holding a payment stablecoin. Third-party platforms, however, can still offer rewards programs tied to stablecoin balances.

Separately, the Digital Asset Market Structure Clarity Act, known as the CLARITY Act, is designed to provide a broader regulatory framework for digital assets. The House passed the measure on July 17, 2025, and it has been under debate in the Senate.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026