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Spot Bitcoin ETFs continued their streak of net inflows for the third consecutive day, bringing in over $160 million yesterday. While this marks a healthy continuation of investor interest, it represents a pullback from the $431 million recorded the previous day.
The slowdown comes as $BTC tests resistance around the $110,000 mark, stalling upward momentum in the spot market.
ETF Demand Holds Steady for $BTC
On Wednesday, net inflows into US-listed spot $BTC ETFs totaled $165 million. Although this figure marked continued investor interest in these investment funds, it represented a 61% decline from the $435 million posted on June 10.
The slowdown is largely attributed to $BTC’s seeming price stagnation around the $110,000 mark over the past two days. This reflects the coin’s struggle to gain upward momentum amid profit-taking activity.
Yesterday, BlackRock’s IBIT led the pack with the highest daily inflows, totaling $131.01 million, bringing its total historical net inflow to $49.24 billion.
VanEck’s HODL ETF recorded the second-highest daily net inflow, bringing in $15.39 million on Wednesday. According to SosoValue, its total historical net inflows have now reached $968.94 million.
Traders Shrug Off Bitcoin’s Decline as Derivatives Signal Strength
Currently trading at $107,939, $BTC is down 2% over the past day.Despite this decline, sentiment across $BTC’s derivatives market remains largely bullish.
For example, the coin’s futures markets continue to reflect a positive funding rate, an indicator that long positions keep outpacing shorts. As of this writing, this stands at 0.0062%.
The funding rate is a recurring payment between long and short positions in perpetual futures contracts, designed to keep the contract price aligned with the spot price. A positive funding rate like this means traders holding long positions are paying shorts, indicating that bullish sentiment dominates the $BTC market.
Furthermore, an assessment of the $BTC options market data shows a notable demand for call contracts.
This suggests that despite the coin’s lackluster performance over the past day, many traders are positioning for a potential breakout in the near term.