Spot Bitcoin exchange-traded funds (ETFs) witnessed a remarkable $457 million in net inflows on Wednesday, marking their strongest single-day intake in over a month as institutional interest appeared to gain momentum.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the charge with approximately $391 million, accounting for the largest portion of the total inflows. Following closely was BlackRock’s iShares Bitcoin Trust (IBIT) with about $111 million, as reported by data from Farside Investors.
The recent inflows have pushed cumulative net inflows for US spot Bitcoin (BTC) ETFs to exceed $57 billion, while total net assets surpassed $112 billion, which is roughly 6.5% of Bitcoin’s overall market capitalization.
This resurgence followed a turbulent period in November and early December, characterized by fluctuating inflows and substantial outflows. The last time spot Bitcoin ETFs registered inflows exceeding $450 million was on November 11, when funds attracted approximately $524 million in a single day.
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Bitcoin ETF inflows signal early macro positioning
Vincent Liu, chief investment officer at Kronos Research, stated that the resurgence in interest seems to indicate early positioning rather than late-cycle enthusiasm. “ETF inflows appear to represent early positioning,” Liu remarked. “As expectations for rates become less aggressive, BTC is recognized as a viable liquidity trade once more. Political dynamics influence sentiment, but capital tends to follow macro fundamentals.”
Nevertheless, Liu warned that while momentum may persist, it is unlikely to be straightforward. “While momentum is likely to continue, anticipate it being uneven,” he noted. “Inflows will correlate with liquidity and price movements. So long as BTC is perceived as a straightforward macro asset, ETFs will follow the path of least resistance.”
On Wednesday, US President Donald Trump announced plans to appoint a new Federal Reserve chair who is strongly in favor of lowering interest rates. During a national address marking the first anniversary of his second term, Trump stated he would reveal a successor to current Fed Chair Jerome Powell early next year, adding that all known contenders support lower rates than currently exist. Lower interest rates are generally seen as favorable for risk assets like cryptocurrencies.
Related: Spot Bitcoin ETFs experience $358M outflow: Are investors truly turning away from BTC?
Approximately 6.7 million BTC currently at a loss
Bitcoin has returned to price points similar to those of nearly a year ago, leaving behind a large supply zone between $93,000 and $120,000 that continues to hinder recovery attempts. This top-heavy structure has resulted in around 6.7 million BTC being held at a loss, the peak level of the current cycle, according to Glassnode.
The report highlighted that demand remains delicate in both the spot and derivatives markets. Spot buying has been selective and transient, corporate treasury flows have been sporadic, and futures positioning is shifting towards reducing risk rather than rebuilding confidence. Until sellers are absorbed above $95,000 or new liquidity enters the market, Bitcoin is likely to remain constrained between structural support around $81,000, as per Glassnode.
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