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US-listed spot Bitcoin ETFs recorded $457 million in net inflows on Wednesday, their strongest single day since mid-November, with Fidelity’s Wise Origin Bitcoin Fund accounting for $391 million as institutional investors repositioned ahead of potential Federal Reserve rate cuts.
The surge, led by Fidelity and BlackRock’s iShares Bitcoin Trust, follows weeks of volatile flows and comes as President Donald Trump signaled plans to appoint a Fed chair supportive of lower interest rates—a development analysts say is driving early macro positioning rather than speculative momentum.
The $457 million inflow marked the highest daily intake for Spot Bitcoin ETFs since mid-November, when funds last recorded inflows above $450 million in a single session. Fidelity’s Wise Origin Bitcoin Fund posted approximately $391 million in net inflows, while BlackRock’s iShares Bitcoin Trust followed with about $111 million.
These gains pushed cumulative net inflows across US-listed Spot Bitcoin ETFs beyond $57 billion, while total net assets climbed above $112 billion. That figure represents roughly 6.5% of Bitcoin’s total market capitalization, underscoring the growing role ETFs now play in shaping market liquidity and price dynamics.
The rebound follows a volatile stretch in November and early December, when ETF flows alternated between modest inflows and sharp outflows. During that period, investor confidence appeared fragile, reflecting uncertainty around interest rates, political developments, and Bitcoin’s inability to sustain higher price levels.
Analysts suggest the recent inflows into Spot Bitcoin ETFs are less about speculative enthusiasm and more about early macro positioning. Vincent Liu, chief investment officer at Kronos Research, said the timing of the inflows points to a strategic response to shifting expectations around monetary policy.
“ETF inflows feel like early positioning,” — Vincent Liu, Chief Investment Officer, Kronos Research.
Liu explained that softer rate expectations tend to restore Bitcoin’s appeal as a liquidity-sensitive asset, particularly when broader risk sentiment stabilizes.
“As rate expectations soften, BTC becomes a clean liquidity trade again. Politics sets the mood, but capital moves on macro,” — Vincent Liu, Chief Investment Officer, Kronos Research.
However, Liu cautioned that the path forward is unlikely to be linear. While Spot Bitcoin ETFs may continue to attract capital, he warned that flows are likely to remain uneven as investors respond to price action and liquidity conditions.
“Momentum likely holds, but expect it to be uneven,” — Vincent Liu, Chief Investment Officer, Kronos Research.
The comments came as US President Donald Trump said he plans to appoint a new Federal Reserve chair who supports cutting interest rates, a development that markets generally view as favorable for risk assets, including cryptocurrencies.
Despite the renewed inflows into Spot Bitcoin ETFs, on-chain data suggests broader demand conditions remain fragile. Bitcoin has returned to price levels last seen nearly a year ago, leaving behind a dense supply cluster between $93,000 and $120,000 that continues to limit recovery attempts.
According to Glassnode, approximately 6.7 million BTC is currently held at a loss, the highest level recorded during the current market cycle. This top-heavy supply structure has increased selling pressure during rallies, complicating Bitcoin’s ability to sustain upward momentum even as ETFs attract new capital.
Glassnode noted that demand across both spot and derivatives markets remains inconsistent. Spot buying has been selective and short-lived, corporate treasury flows have been episodic, and futures positioning continues to de-risk rather than rebuild conviction.
Until sellers are absorbed above the $95,000 level or fresh liquidity enters the market, Bitcoin is likely to remain range-bound, with structural support forming near $81,000. In this environment, Spot Bitcoin ETFs may continue to act as a conduit for macro-driven positioning rather than a catalyst for a sustained bull run.
The latest inflows into Spot Bitcoin ETFs reflect a market responding to macro signals rather than chasing momentum. For institutional investors, ETFs remain the most accessible and regulated pathway to Bitcoin exposure, particularly during periods of economic transition.
While the $450 million inflow marks a notable shift from recent volatility, analysts caution against interpreting it as a definitive trend reversal. Instead, the data suggests early positioning tied to interest rate expectations, political developments, and broader liquidity conditions.
As long as Bitcoin remains a macro-sensitive asset, Spot Bitcoin ETFs are likely to remain closely tied to shifts in policy outlook and market structure. For now, the inflows offer a signal of cautious optimism — not certainty — in an evolving market landscape.
