Bitcoin ETFs experience five consecutive days of inflows as the price rises above $93,000.

U.S. spot Bitcoin exchange-traded funds have seen inflows for the fifth consecutive day, as BTC climbs back to nearly $94,000, its highest point in almost two weeks.

As per SoSoValue, the 12 spot Bitcoin ETFs recorded $58.5 million in net inflows on December 2, spearheaded by BlackRock’s IBIT, which garnered $120.1 million. Fidelity’s FBTC and Biwise’s BITB followed with inflows of $21.8 million and $7.4 million, respectively. ARK 21Shares’ ARKB offset some of these inflows with an outflow of $90.4 million, while other BTC ETFs reported no movement.

Today’s inflows indicate a return of demand, bringing total contributions during this period to $288 million, following four weeks of withdrawals that removed nearly $4.5 billion from these funds.

The newfound interest from institutional investors coincided with the latest U.S. economic data revealing softer inflation rates and a cooling labor market, increasing expectations for another Federal Reserve rate cut in December. Key Fed figures, including New York Fed President John Williams and Fed Governor Christopher Waller, have expressed support for a cut next month.

Currently, Polymarket indicates that the likelihood of a Fed rate reduction during the December 15-16 meeting is at 93%, a significant rise from 50% in late November. Cryptocurrencies and their associated ETFs generally perform well under expectations of lower interest rates and a more favorable risk appetite.

This week’s positive news has further elevated market sentiment. On Monday, Vanguard announced plans to introduce crypto ETFs and mutual funds to its large retail client base. Soon after, U.S. SEC Chairman Paul Atkins confirmed that the long-anticipated “innovation exemption” framework for digital asset firms is being developed and is expected to be finalized by 2026.

As risk sentiment gradually returns, driven by these optimistic developments, it could prompt sidelined institutional capital to re-enter the crypto markets, contributing to Bitcoin’s ongoing recovery.

In the past 24 hours, Bitcoin (BTC) surged above $93,000, hitting a daily peak of $93,929, the highest mark in over two weeks, and 11.4% up from its low following the December 1 crash. At the time of writing, BTC is trading at $93,558, down 25.8% from its all-time peak of $126,080 recorded in October.

Some market analysts suggest that Bitcoin may have more room for growth as the holiday season approaches.

In a December 2 X post, well-known analyst Alex Wacy pointed out a potential double bottom pattern on the 4-hour chart, suggesting that a strong rise above $100,000 could be imminent.

“They tried to shake you out. They failed. Manipulation’s over. Now we head back to $100,000+,” Wacy noted alongside the chart.

Another analyst, Gert van Lagen, also presented a short-term bullish outlook. In his recent post, he observed that Bitcoin’s monthly Bollinger Band Width had dropped below 100, signaling a potential sharp upward breakout.

“Historically, every time this triggers, Bitcoin follows with a direct parabolic leg up,” the analyst remarked.