Bitcoin Selling Pressure Weakens as U.S. Spot ETFs Draw in $506M
Bitcoin rose 4.4% to about $68,300, boosted by strong U.S. spot ETF inflows and NVIDIA’s stellar earnings, which also lifted tech markets. The crypto market capitalization climbed to $2.43 trillion. U.S. spot Bitcoin ETFs saw $506 million in inflows Wednesday, the highest in nearly three weeks, indicating renewed institutional interest. On-chain data shows easing selling pressure: the Coinbase premium index turned slightly positive, and outflows dropped 25% since late November, suggesting improved investor sentiment and potential buying opportunities. However, some analysts remain cautious, noting that reduced selling may reflect lower speculative activity, as spot and futures volumes have dropped by about 50% and 44% from recent highs, respectively. The current environment is constructive but does not guarantee a market bottom or sustained uptrend without broader macroeconomic improvements. Prediction markets reflect increased optimism, with a 46% probability that Bitcoin could rise to $84,000, up from a 31% probability just a day earlier.
