ETF Inflows Show Renewed Strength
Bitcoin's (BTC) recent surge above $97,000 has been bolstered by significant inflows into spot Bitcoin Exchange Traded Funds (ETFs). Analysts suggest that this demand must remain consistent for BTC to overcome the crucial $100,000 barrier.
In the past week, U.S. spot Bitcoin ETFs experienced net inflows totaling $1.8 billion, marking the strongest performance since early October 2025. This influx indicates a renewed institutional interest as Bitcoin approaches resistance levels near $98,000.
Despite the recent positive trend, the total net assets managed by spot ETFs remain approximately 24% below their peak levels reached in the fourth quarter of 2025. This suggests that while current inflows are encouraging, they have only partially compensated for earlier outflows.
The Bitcoin macro intelligence newsletter, Ecoinometrics, observed that previous short-lived surges in ETF inflows have often been followed by a decline in momentum. The newsletter emphasized that Bitcoin requires sustained demand over several weeks rather than just a few positive trading days to re-establish a durable uptrend.
“Bitcoin doesn’t need a few good days. It needs a few good weeks,” the newsletter stated, highlighting that cumulative ETF flows are still in a significant drawdown. It was noted that sporadic positive trading sessions have minimal impact against extended periods of selling pressure. Until inflows are consistently strong over multiple weeks, any rallies are more likely to stabilize the price rather than ignite a sustained upward movement.
Long-Term Supply-Demand Dynamics Favor ETFs
From a fundamental perspective, the demand for Bitcoin through spot ETFs continues to exceed the rate at which new Bitcoin is supplied. Research from Bitwise indicates that since the launch of U.S. Bitcoin ETFs in January 2024, these funds have acquired approximately 710,777 BTC. In contrast, the Bitcoin network has produced only 363,047 BTC during the same timeframe. This imbalance has contributed to Bitcoin's price increase of about 94% since the ETFs began trading.
Looking ahead, the future supply of Bitcoin is relatively predictable. However, demand is anticipated to grow as institutional investors gain broader access to Bitcoin. Bitwise projects that 2026 will be a pivotal year for institutional allocators to increase their engagement with crypto ETFs.
“ETFs will purchase more than 100% of the new supply of Bitcoin as institutional demand accelerates.”
Bitwise also forecasted in 2025 that Bitcoin inflows from various sources, including publicly listed companies holding BTC treasuries, sovereign wealth funds, ETFs, and nation-states, could collectively reach $300 billion by 2026.
The firm pointed out that U.S. spot Bitcoin ETFs attracted $36.2 billion in net inflows within their first year, achieving $125 billion in Assets Under Management (AUM) at a much faster pace than the SPDR Gold Shares did during its early growth stages.