Spot Bitcoin ETFs Log $457M Inflows on Early Positioning
Spot Bitcoin exchange-traded funds (ETFs) drew $457 million in net inflows on Wednesday, the largest single-day total in more than a month, as institutional demand appeared to strengthen alongside shifting macro expectations.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) led with approximately $391 million, while BlackRock’s iShares Bitcoin Trust (IBIT) added around $111 million, according to data from Farside Investors.
The day’s activity pushed cumulative net inflows for US spot Bitcoin (BTC) ETFs above $57 billion, with total net assets rising past $112 billion, equal to around 6.5% of Bitcoin’s total market capitalization.
The pickup followed a volatile period in November and early December, when flows fluctuated between modest inflows and sharp outflows. Spot Bitcoin ETFs last exceeded $450 million in a single day on Nov. 11, when they took in roughly $524 million.
Last time spot Bitcoin ETFs saw inflows of over $450 million was on Nov. 11. Source: Farside Investors
Bitcoin ETF flows reflect early macro positioning
Vincent Liu, chief investment officer at Kronos Research, said the renewed demand looks like early positioning rather than late-cycle enthusiasm. He noted that as rate expectations ease, BTC again serves as a straightforward liquidity trade, adding that while politics can influence sentiment, capital allocation follows macro conditions.
Liu added that momentum may persist but is unlikely to be linear. He expects flows to follow liquidity and price dynamics, and as long as BTC remains a clear macro proxy, ETFs could remain the path of least resistance.
On Wednesday, US President Donald Trump said he plans to name a new Federal Reserve chair who strongly favors cutting interest rates. In a national address marking the first year of his second term, Trump said he would announce a successor to current Fed Chair Jerome Powell early next year and that all known finalists support lower rates than current levels.
Around 6.7 million BTC at a loss
Bitcoin has revisited price levels last seen nearly a year ago, leaving a dense supply band between $93,000 and $120,000 that continues to cap recovery attempts. This top-heavy profile has pushed BTC held at a loss to 6.7 million, the highest level of the current cycle, according to Glassnode.
Glassnode reported that demand remains fragile across spot and derivatives markets. Spot buying has been selective and short-lived, corporate treasury activity episodic, and futures positioning continues to de-risk rather than rebuild conviction.
Absent absorption of selling pressure above $95,000 or the arrival of fresh liquidity, Bitcoin is likely to remain range-bound, with structural support near $81,000, per Glassnode.
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