Bitcoin ETFs Mark 10th Straight Day of Inflows as BTC Holds Steady Near $118K; Ether, XRP Lead Upside Momentum
U.S. spot bitcoin ETFs recorded their tenth consecutive day of net inflows on Wednesday, bringing in a total of $799 million. BlackRock’s iShares Bitcoin Trust (IBIT) led the charge with $763 million, underscoring persistent institutional demand for crypto exposure.
Bitcoin (BTC) hovered around $118,300, posting a 0.4% daily gain and rising 6.6% over the week. The gains were supported by cooling U.S. CPI data and continued ETF-driven inflows, which also helped boost market sentiment across the broader crypto sector.
Ether (ETH) remained in focus, advancing 6.7% over 24 hours to $3,340, and gaining more than 20% in the past week as traders anticipate a potential breakout to new all-time highs.
XRP rallied 6.4% to $3.09, extending its weekly gain to 27%. Solana (SOL) climbed 5% to $170, Dogecoin (DOGE) rose 6% to $0.21, while Binance’s BNB token added nearly 3% to trade around $708. Tron (TRX) moved up 3.7% to $0.31.
The risk-on tone remains intact across markets, with top crypto assets continuing their upward momentum. Weaker macroeconomic data, including a softening dollar and easing inflation, added to the bullish narrative.
Traditional market reactions were mixed. Asian equities slipped as traders reassessed interest rate cut timelines, while gold moved slightly higher. The dollar index (DXY) declined nearly 10% year-to-date, offering further support to dollar-denominated assets like crypto.
However, not all analysts are convinced the rally will persist uninterrupted. QCP Capital highlighted that bitcoin’s rally paused after briefly breaching $120,000, noting developing support between $114,000 and $118,000. They flagged seasonal slowdowns and signs of fatigue in equity markets as potential headwinds.
Still, bullish sentiment remains firm among some market participants. Ryan Lee, chief analyst at Bitget Research, sees further upside.
“With strong ETF flows, a tightening supply picture, and macro tailwinds like a weakening dollar and the possibility of Fed rate cuts, the path to $150,000 by Q3 looks increasingly viable,” Lee said.
