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Bitcoin ETF inflows slow to $232M as BTC holds under $80K
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- DeepHorus
US spot Bitcoin exchange-traded funds (ETFs) experienced a notable slowdown in daily inflows on Wednesday, drawing $232.1 million. This figure represents a 26% decrease from the previous day's $314.4 million and marks the smallest daily total since August 18. The reduction occurred as Bitcoin's price stalled after briefly surpassing the $80,000 mark earlier in the week.
Despite the single-day dip, the broader trend remains positive. Wednesday's activity extended an eight-session inflow streak that has attracted approximately $2.8 billion in total. This sustained influx has significantly reduced the year-to-date net outflows for spot Bitcoin ETFs to about $2.03 billion.
The cumulative net inflows for these financial products have now risen to $54.6 billion. Furthermore, the total net assets held by US spot Bitcoin ETFs have reached a substantial $98.6 billion. These figures underscore the growing institutional and retail investment interest in Bitcoin through regulated channels.
Bitcoin's price action provided context for the slowing inflows. At the time of reporting, it was trading around $78,759, down 0.3% over the preceding 24 hours. The asset had briefly climbed above $80,000 on Tuesday before retreating.
Interestingly, broader crypto market sentiment strengthened despite Bitcoin's price hesitation. The Crypto Fear & Greed Index increased to 71 from 65 a day earlier, maintaining its position in the "Greed" territory. This suggests investors remain optimistic about the market's short-term direction.
The positive sentiment extended to other cryptocurrency ETFs. US spot Ether ETFs also logged an eighth consecutive day of inflows, attracting $192.4 million on Wednesday. Meanwhile, US-listed spot XRP ETFs drew $28.1 million, their largest daily inflow since January 5.
The recent performance of spot XRP ETFs is particularly noteworthy, bringing their cumulative net inflows to $1.62 billion. Market analysts are now watching key resistance levels, with Bitcoin's failure to hold above $80,000 raising questions about supply absorption. The coming days will be crucial in determining if the broader inflow trend can be sustained.
