Spot bitcoin exchange-traded funds (ETFS) recorded net inflows of $457 million on Wednesday, marking their strongest single-day volume in more than a month as institutional demand showed signs of re-acceleration.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the inflows, recording the largest daily volume at $391 million, accounting for the majority of the day’s gains. According to data from Farside Investors, BlackArk’s shares are followed by the Bitcoin Trust (IBIT) by about $111 million.
The inflow brought total net inflows to US spot bitcoin (BTC) ETFs to more than $57 billion, while total net assets climbed to more than $112 billion, equivalent to 6.5 percent of bitcoin’s total market capitalization.
The rebound is followed by a cutoff in November and early December, when the flow alternates between moderate inflow and high flow. Spot bitcoin ETFs last saw inflows of more than $450 million on Nov. 11, when funds pulled in nearly $524 million in a single day.
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The arrival of Bitcoin ETFs reflects early macro positioning
Vincent Liu, Kronos Research’s chief investment officer, said the new interest reflects an early position rather than late enthusiasm. “The arrival of ETFs feels like an initial position,” Liu said. “As rate expectations soften, BTC once again becomes a clean liquidity trade. Politics is set, but capital moves on macro.”
However, Liu cautioned that while the momentum may continue, it is unlikely to be flat. “The momentum is likely to hold, but it is expected to be uneven,” he said. “Flow will determine liquidity and price action. As long as BTC continues to be a clean macro expression, ETFs continue to follow the path of least resistance.”
On Wednesday, US President Donald Trump said he plans to appoint a new Federal Reserve chair who strongly supports cutting interest rates. Speaking during 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, adding that all the notable finalists favored lower rates than current levels. Low rates are generally considered bullish for risk assets like crypto.
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About 6.6.7 million BTC sitting at a loss
Bitcoin has returned to price levels seen nearly a year ago, leaving a dense supply cluster between $93,000 and $120,000 as recovery efforts continue. According to Glasnode, this top-heavy structure has pushed Bitcoin’s volume to 6.7 million BTC, the current cycle high.
Demand in both the spot and derivatives markets is fragile, the report said. Spot buying has been selective and short-lived, corporate treasury flows episodic, and futures positioning punishing rather than rebuilding. Unless sellers absorb more than $95,000 or fresh liquidity enters the market, they are likely to be caught between structural support around $81,000, according to Glasnode.
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