Bitcoin’s (BTC) rally above $97,000 was supported by surging inflows to the spot Bitcoin ETFs, and one analyst says that the demand must continue for BTC to break through the $100,000 barrier.
Key takeaways:
US spot Bitcoin ETFs recorded $1.8 billion in weekly net inflows, the strongest since early October 2025.
Total net assets under spot ETFs remain 24% below their Q4 2025 peak.
Long-term supply-demand dynamics continue to favor ETFs, as institutional investor access is expected to expand in 2026.
Bitcoin ETF are only one part of the picture
US spot Bitcoin ETFs logged $1.8 billion in net inflows this week, marking the largest weekly intake since the first week of October 2025. The move comes as BTC again tests resistance near the $98,000 level, signaling renewed institutional interest.
Total Bitcoin spot ETFs net inflow. Source: SoSoValue
Despite the rebound, ETF positioning remains well below previous highs. The total net assets under management across US spot Bitcoin ETFs peaked at $164.5 billion in Q4 2025 but currently stand near $125 billion. This represents a drawdown of roughly 24%, underscoring that recent inflows have only partially offset earlier outflows.
According to the Bitcoin macro intelligence newsletter, Ecoinometrics, short bursts of ETF inflows have repeatedly led to brief price bounces followed by fading momentum.
“Bitcoin doesn’t need a few good days. It needs a few good weeks,” the newsletter said, noting that cumulative ETF flows remain in a deep drawdown. A handful of positive sessions barely registers against prolonged periods of selling. Until inflows cluster over multiple weeks, rallies are more likely to stabilize the price than restart a durable uptrend.
Bitcoin, Ether ETF flow decline and recovery. Source: Ecoinometrics/X
Related: Bitcoin whale balances see 21% bounce after fastest sell-off since 2023 ends
BTC supply-demand imbalance favors ETFs in the long-run
From a structural standpoint, spot ETF demand continues to outpace new Bitcoin supply. According to Bitwise, since US Bitcoin ETFs launched in January 2024, they have purchased approximately 710,777 BTC, while the…
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