Bitcoin saw some cooling in price action after an impressive seven-day run, with the cryptocurrency gaining nearly 8% by Tuesday. Early Wednesday, Bitcoin slipped 0.5% before rebounding to just over $72,400. This is after touching a peak of $73,200 earlier in Asia.
Key tokens across the market mirrored Bitcoin’s pullback. Solana (SOL) was down about 2.5%, while Binance’s BNB fell similarly. Meanwhile, DOGE slipped 1% and ended its recent run of outperformance. CoinDesk 20 – an index of the top market-cap tokens – was down 1.3% in the past 24 hours.
Despite this cooldown, Bitcoin ETFs have continued to attract significant investor interest. On Wednesday, U.S.-based Bitcoin ETFs recorded inflows of over $893 million, marking a second consecutive day of massive inflows following Tuesday’s $879 million. These inflows pushed the cumulative total for U.S. Bitcoin ETFs to $24 billion since their January debut, with BlackRock’s IBIT leading the way, bringing in a record $872 million alone.
Other ETFs saw more moderate inflows, with Bitwise’s BITB being the only fund to experience net outflows, losing $23.9 million. Traders pointed to these inflows as evidence of institutional demand for Bitcoin. This highlights BTC’s growing market dominance over other assets, including Ether.
In options trading, the market showed a positive skew for Bitcoin. That’s a trend that often reflects strong demand for call options. This skew suggests investors are leaning toward bets on further price increases, reinforcing optimism in the asset’s continued growth potential.