U.S. spot Bitcoin ETFs have recorded $2.65 billion in net inflows over the past five days, reversing year-to-date outflows and pushing Bitcoin to an eight-month high of $87,000. The inflows have turned cumulative ETF flows positive for the first time in months, though macro headwinds continue to threaten momentum.
The five-day rally was led by BlackRock, which accounted for roughly half of the total flows. Daily inflows peaked at $1 billion on Monday, followed by $714 million on Tuesday and $346 million on Wednesday. The cumulative flows figure, which had declined by $12 billion over the previous year, has now recovered half of those losses.
According to Bloomberg analyst James Seyffart, the primary sellers of Bitcoin ETFs over the past year have been hedge funds and retail investors, while institutional demand has remained resilient despite the recent crypto downturn.
Macro Pressure Tests Rally
The gains have coincided with renewed pressure from bond markets and interest rate expectations. U.S. Treasury yields rose to 5.1%, and interest rate traders are pricing a 64 percent probability of a Federal Reserve rate hike at the October meeting. These factors contributed to Bitcoin retreating from $87,000 to below $84,000 midweek.
Historically, Bitcoin has remained subdued ahead of Fed decisions before typically rallying afterward. Some analysts have highlighted the May peak of $82,000 as a critical support level that could confirm continued upside if maintained.
