Spot Bitcoin exchange-traded funds (ETFs) attracted $457 million in net inflows on Wednesday, marking their strongest single-day gain in over a month and signaling a renewed wave of institutional interest.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) dominated the inflows, pulling in approximately $391 million and accounting for the bulk of the day’s activity. BlackRock’s iShares Bitcoin Trust (IBIT) followed with about $111 million in inflows, according to data from Farside Investors.
These additions pushed cumulative net inflows into US spot Bitcoin ETFs beyond $57 billion, while total assets under management surpassed $112 billion—representing roughly 6.5% of Bitcoin’s total market capitalization.
The surge comes after a volatile period in November and early December, when ETF flows swung between modest gains and notable outflows. The last time spot Bitcoin ETFs recorded inflows above $450 million was on Nov. 11, when they drew approximately $524 million in a single day.
Bitcoin ETF Inflows Signal Early Macro Positioning
Renewed inflows into Bitcoin ETFs appear to reflect early-stage macro positioning rather than late-cycle optimism, according to Vincent Liu, chief investment officer at Kronos Research. “ETF inflows feel like early positioning,” Liu said. “As rate expectations soften, Bitcoin becomes a clean liquidity trade again. Politics sets the tone, but capital ultimately responds to macro conditions.”
Liu noted that while the broader momentum could persist, it is unlikely to be linear. “Momentum may hold, but it will be uneven,” he added. “Flows will continue to follow liquidity and price action. As long as Bitcoin remains a clear macro expression, ETFs will remain the path of least resistance.”
Macro expectations received a further boost on Wednesday when US President Donald Trump said he plans to appoint a new Federal Reserve chair who strongly supports interest rate cuts. Speaking during a national address marking the first anniversary of his second term, Trump said he would announce a successor to current Fed Chair Jerome Powell early next year, noting that all known finalists favor lower rates than current policy levels. Lower interest rates are typically seen as supportive for risk assets, including cryptocurrencies.
6.7 Million BTC Now Held at a Loss
Bitcoin has fallen back to price levels last seen nearly a year ago, leaving a heavy supply zone between $93,000 and $120,000 that continues to limit recovery attempts. This top-heavy market structure has driven the amount of Bitcoin held at a loss to approximately 6.7 million BTC—the highest level of the current cycle—according to Glassnode.
Glassnode noted that demand remains fragile across both spot and derivatives markets. Spot buying has been selective and short-lived, corporate treasury inflows remain episodic, and futures positioning continues to de-risk rather than rebuild conviction. Until selling pressure is absorbed above $95,000 or new liquidity enters the market, Bitcoin is likely to remain range-bound, with structural support forming near $81,000.
