U.S. spot Bitcoin ETFs recorded their tenth consecutive day of net inflows, totaling $799 million on Wednesday. BlackRock’s IBIT led these inflows with $763 million.
Meanwhile, Bitcoin steadied near $118,300, showing a 6.6% increase for the week, as June’s U.S. CPI print cooled investor nerves even as ETF-driven inflows continued. Consequently, eyes are on Ether (ETH) as watchers await a breakout to record highs.
The largest cryptocurrency hovered near $118,400, logging a modest 0.4% daily gain and a 6.5% weekly increase, while Ether held above $3,340, climbing 6.7% in the past 24 hours and 20.5% over seven days. XRP continued its vertical run, rising 6.4% on the day to $3.09, with a 27% weekly gain.
Solana’s SOL ticked up 5% to $170, and dogecoin (DOGE) added 6%, trading just above 20 cents. BNB Coin (BNB) rose nearly 3% to $708, and Tron’s TRX (TRX) rose 3.7% to 31 cents.
The broader market remains risk-on, with top assets extending gains for the second straight day on continued ETF optimism and easing macro conditions.
U.S. spot Bitcoin ETFs recorded their tenth consecutive day of net inflows on Wednesday, totaling $799 million. BlackRock’s IBIT spearheaded these inflows with $763 million.
The macroeconomic narrative also influenced traditional markets. Asian equities dipped as investors recalibrated rate-cut timing, while gold edged higher and the dollar softened, further supporting crypto gains. U.S. equities showed modest weakness, as tariff concerns weighed them down, and investors retrenched ahead of the summer.
The dollar index (DXY) has fallen roughly 10% year-to-date, importantly providing substantial support to dollar-denominated crypto assets and broad risk plays alike. Amidst this tug-of-war between profit-taking and new demand, analysts are divided.
Bitcoin’s momentum briefly stalled after cresting past $120,000, as QCP traders noted in a Wednesday update. A support zone developed between $114,000 and $118,000, and downside bids began re-emerging there. They warned that seasonal trading slowdowns and equity exhaustion could stall further moves.
Still, the bulls are not backing off. Ryan Lee, chief analyst at Bitget Research, remained bullish in a note to Coin.
“The road to $150,000 by Q3 looks increasingly plausible, powered by ETF inflows, supply constraints, and macro tailwinds like a weakening dollar and potential Fed cuts,” he said.
