Bitcoin ETFs See $609 Million Inflows as Price Hits $111,861

U.S. spot Bitcoin exchange-traded funds (ETFs) experienced a significant influx of $609 million on Wednesday, marking the sixth consecutive day of positive flows. This surge coincided with Bitcoin's ascent to a new all-time high, surpassing $111,000. The inflows closely mirrored Bitcoin's breakout past its previous high of around $109,000, as reported by CoinMarketCap, which recorded the asset hitting a record $111,861 in the past 24 hours. This surge was largely driven by institutional interest and ETF-driven demand.

BlackRock’s IBIT led the day with $530.6 million in net inflows, while Fidelity’s FBTC, Bitwise’s BITB, and the Grayscale Mini Bitcoin Trust also reported strong activity, each pulling in over $20 million. Spot ETFs from VanEck, Ark & 21Shares, and Valkyrie saw smaller but still positive flows. Collectively, the 12 spot Bitcoin ETFs recorded $7.64 billion in trading volume on Wednesday, their highest since February 25. May inflows have reached $4.24 billion, pushing total net inflows since launch to $43.38 billion.

Last week, digital asset investment products saw $785 million in inflows, marking the fifth straight week of gains and pushing year-to-date inflows to $7.5 billion—surpassing the previous peak set in February. Inflows were led by the U.S., Germany, and Hong Kong, while Sweden, Canada, and Brazil reported modest outflows. Bitcoin led with $557 million in inflows, though slightly down from the prior week, while short-bitcoin products also saw modest gains. Ethereum drew $205 million, the highest among altcoins, boosted by positive sentiment after the Pectra upgrade and leadership changes.

Bitcoin has entered price discovery after surpassing its previous all-time high, and market conditions suggest the rally may be far from over. According to Hyblock Capital’s latest analysis, elevated U.S. Treasury yields and record liquidity levels are creating a powerful backdrop for further upside. Hyblock’s “Combined Books” metric—which tracks limit orders within 10% of spot price—is now in the 98th percentile over the past 90 days. Open interest across major exchanges has also surged, sitting in the 96th percentile. Together, these signals point to a market loaded with liquidity and primed for a breakout.

From a technical perspective, the most reliable support band lies between $101k and $102.5k, where both Binance and Bybit have repeatedly seen heavy open interest entries that trap shorts and attract fresh longs. Flow signals are also crucial. Hyblock’s cumulative volume delta (CVD) data shows that a breakout above +$250 million, especially if retail long positions stay below 35%, may confirm bullish continuation. On the other hand, dips below –$500 million in CVD with elevated retail longs have historically marked reversal zones.

Macro conditions are also playing their part in reinforcing Bitcoin’s appeal as a hedge against inflation. Rate cut expectations and persistent inflation reinforce Bitcoin’s appeal as a hedge, with many eyeing $113,000 as a realistic near-term target by June 2025. Bitcoin’s history shows us that sharp rallies often invite sharp corrections. A stronger U.S. dollar or fresh geopolitical tensions could easily knock momentum off course.