Bitcoin remains confined to the familiar $82,000-$85,000 trading corridor as the cryptocurrency extends a week-long period of sluggish, sideways movement.
The digital asset briefly surpassed $85,000 on Wednesday following softer-than-anticipated U.S. inflation figures, which dampened expectations for Federal Reserve rate hikes. However, bullish momentum failed to sustain, and spot ETF support remained absent.
Data from SoSoValue reveals that U.S.-listed Bitcoin ETFs experienced a net outflow of $148.7 million on Wednesday, snapping a nine-day streak of inflows that had accumulated $3.08 billion—marking the strongest inflow period of the year in dollar terms.
The momentum behind these inflows had already begun to wane prior to ending. Daily inflows peaked at approximately $1 billion on September 21 before gradually declining over subsequent days. Analysts at Bitfinex emphasize that a resurgence in daily inflow velocity will be essential to drive prices higher.
“The daily pace continues to serve as the primary factor in overcoming existing supply overhead,” the analysts noted in a recent market commentary.
Bitfinex’s proprietary Absorption-to-Emission Ratio (BAER)—which compares the amount of BTC acquired by ETFs against the roughly 450 BTC generated daily by miners—has contracted significantly, falling from 25.6x on September 21 to just 1.8x by September 29.
