U.S. spot bitcoin ETFs recorded their largest one-day inflows since Nov. 11 on Wednesday, even as bitcoin’s price action looked anything but stable. BTC rallied to nearly $90,000 before reversing and falling below $86,000, yet the ETF complex still took in $457.3 million in net inflows. That combination is hard to square with the idea that buyers only show up when the chart is calm. ETF demand held up through a whipsaw session, signaling that some investors were willing to deploy capital through ETFs while the spot market searched for direction. For portfolio managers, it is a familiar dilemma: buy into weakness, or wait for confirmation after the reversal settles.
Fidelity leads as dominance rises and data looms
Farside data showed Fidelity Wise Origin Bitcoin Fund (FBTC) absorbed most of the day’s intake, recording $391.5 million of inflows, which the report described as a top five inflow day for FBTC. BlackRock’s iShares Bitcoin Trust (IBIT) also posted strong demand, registering $111.2 million of inflows. With total net inflows across U.S. spot bitcoin ETFs at $457.3 million, the figures imply other funds likely saw outflows that partially offset the leaders. The inflow surge was concentrated in a few vehicles, a detail that can matter when interpreting conviction across the whole category. That skew also shows how headline totals can mask rotation between issuers, rather than uniform buying everywhere today.
Alongside the ETF buying, bitcoin dominance climbed to 60%, measuring BTC’s share of the total cryptocurrency market capitalization. That is the highest level in a month and the highest since Nov. 14, when bitcoin was trading near $100,000. At the time of the report, BTC was trading around $87,000, putting the market in an in-between state: off recent highs, yet gaining share. Dominance at 60% suggested capital rotating back toward bitcoin, a pattern that can appear when participants prioritize liquidity and reduce risk elsewhere. When dominance rises alongside heavy ETF intake, it can indicate investors are consolidating exposure, focusing on bitcoin while other crypto assets lag during uncertain macro windows.
The next variable is macro timing. Several events scheduled for Thursday could amplify volatility across global markets, including cryptocurrencies. The Bank of England is expected to cut interest rates by 25 basis points at 12:00 UTC, lowering the benchmark rate to 3.75%, while the European Central Bank is expected to hold rates steady at 2.15%. Later, both the U.S. and Japan are set to release inflation data. Implied volatility remains historically low despite the swings, with bitcoin implied volatility just below 50 on the Volmex Bitcoin Implied Volatility Index (BVIV), signaling subdued risk pricing. With options pricing calm, any surprise in rates or inflation could force rapid repricing across crypto derivatives.
