Bitcoin Reclaims $98,000 as ETF Flows Resume
Spot Bitcoin ETFs absorb $3.4 billion of net inflows in five sessions as institutional allocations resume after a six-week pause.
Bitcoin traded back through $98,000 on Wednesday, supported by a five-session run of net inflows into U.S. spot ETFs that totalled $3.4 billion — the largest concentrated bid since January.
BlackRock's IBIT, the largest of the eleven approved products, alone absorbed $1.9 billion. Total assets across the spot Bitcoin ETF complex have crossed $128 billion, comfortably ahead of the equivalent gold ETF complex at the same age.
On-chain data point to renewed long-term holder accumulation. Coins moved in the past 155 days now represent just 23 percent of float, the lowest reading since the depths of the 2022 bear market.
Macro positioning matters. Fed easing expectations, a softer dollar and deteriorating labour-market data have, in combination, restored the macro tailwind that the asset class enjoyed during the first half of 2024.
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