Bitcoin Holds Above $80,000 After Spot ETF Inflows
The return of inflows into U.S. spot Bitcoin ETFs helped keep the price above $80,000. Ether and the broader market also recovered, while shorts were squeezed hard.
Key Takeaways
- Bitcoin stayed around $80,250 on Thursday, just above $80,000, after recovering from around $78,000 on Wednesday.
- U.S. spot Bitcoin ETFs pulled in $74.6 million on Wednesday, ending three straight days of outflows.
- Injective rose about 10% in 24 hours after Nasdaq approved Canary Capital's staked INJ ETF.
Bitcoin hovered around $80,250 (€71,200) on Thursday, just above the $80,000 (€71,000) mark, after the price had already recovered on Wednesday from around $78,000 (€69,200). Ether fell 0.4% to $2,414.96 (€2,140), while the CoinDesk 80 Index rose 0.9%. The move followed a day when spot Bitcoin ETFs started pulling in money again and the market broadly moved higher.
ETF Inflows Return
U.S. spot Bitcoin ETFs pulled in $74.6 million (€66.2 million) on Wednesday, ending a three-day stretch of outflows. That matters because since launching in early 2024, these funds have played an increasingly big role in Bitcoin demand. According to earlier market data, the U.S. spot Bitcoin ETFs have now built up tens of billions of dollars in assets under management, and that has partly shifted Bitcoin trading from mostly exchanges to institutional custody and OTC trading.
That shift also makes the market different from earlier cycles. Bitcoin now tends to move more with broader risk sentiment than it used to, and the link with stocks has gotten stronger since the ETF approval. That again lined up this week with moves in U.S. stocks and oil. The earlier move above $80,000 after the election also showed how quickly political and macro factors can steer the price.
Shorts Got Hit Hard
Wednesday's rally came alongside an about 8% drop in oil and higher U.S. stocks after the midterms. Over the past 24 hours, Bitcoin is still up 2.5% and Ether is up 4%. Brent crude is now trading around $95 (€84) per barrel, slightly higher than after Wednesday's selloff.
In the derivatives market, the big story was that a lot of bearish positions got closed out. Total liquidations in crypto futures jumped 53% to $715 million (€635 million), and about 65% of that was short positions. For Bitcoin, open interest rose just 0.3% while the price gained 2.6%, which suggests the move was driven mostly by shorts getting wiped out rather than by new longs.
Injective Stands Out
Against that backdrop, Injective was the biggest gainer among major tokens. The token was up about 6% since midnight to $8.4285 (€7.48), after Nasdaq approved the listing of Canary Capital's staked INJ ETF, which would trade under the ticker INJC according to an SEC filing. Over 24 hours, Injective is up about 10%.
For European crypto readers, the key thing is that this shows how quickly ETF news still moves the market. It's not just about Bitcoin itself, but also about products tied to other tokens that are trying to give investors access through regulated channels. At the same time, the broader market is still cautious: futures trading was heavy, but open interest barely grew, which suggests a lot of the action is still about closing and reopening positions.