Bitcoin ETF inflows rebound to 6-week highs as BTC price reclaims $97K

From cointelegraph by William Suberg

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

BTC price fails to flip traders short-term bullish

Data from  Cointelegraph Markets Pro  and  TradingView  showed BTC/USD consolidating after year-to-date gains topped 6%.

Extending a comeback that began on New Year’s Eve, Bitcoin reclaimed its 50-day simple moving average (SMA) — a level that traders  previously described as essential  for bull market continuation.

“$BTC closing strong and sustaining momentum from here,” popular trader Skew  summarized  in his latest X content on Jan. 3.

Despite the latest progress, many remained cautious on BTC price action, even adopting a bearish outlook for January.

“Unless we breach $99k and flip it to support, I think we will see lower prices in Jan,” fellow trader Scient  told  X followers. 

“Pretty simple triggers for me here: Break and flip $99k or retest or $90-88k zone.”

BTC/USDT 12-hour chart. Source: Scient/X

Fellow trader Crypto Tony  confirmed  that he was eyeing a relief bounce followed by “another drop” to around $90,000.

BTC/USDT 1-day chart. Source: Crypto Tony/X

“Not expecting much movement during the weekend for BTC. Alts might see some action,” Daan Crypto Trades  continued  in part of his own analysis. 

“The weekend could offer some decent dip buys if we get it. My bias for Q1 is bullish so I'm not worried about any short term movements.”

An accompanying chart showed the latest closing price for CME Group’s Bitcoin futures, a level that typically acts as a short-term price magnet once the market reopens.

“The first full week of 2025 will give us a better idea of where this is heading in the short term,” Daan Crypto Trades concluded.

BTC/USDT 15-minute chart. Source: Daan Crypto Trades/X

Bitcoin ETFs stage a $900 million comeback

Meanwhile, the US spot Bitcoin exchange-traded funds (ETFs) took in a net $908 million on Jan. 3 in a dramatic turnaround.

Related:  'Parabolic' Bitcoin is a buy at $80K if BTC price tracks stocks — Research

Arguably fitting for the  16th anniversary of the genesis block , institutional investors piled into Bitcoin products that in the days prior had seen  record outflows .

Data from sources, including UK-based investment firm  Farside Investors , showed that the Fidelity Wise Origin Bitcoin Fund (FBTC) saw the largest share of the influx at $357 million. 

The largest of the ETFs, the iShares Bitcoin Trust (IBIT), managed $253 million.

US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors

“Big money is back to buying after the Christmas/year-end sell-off,” crypto trader Patric H  wrote  in part of an X reaction.

The analysis also noted positive developments for the Coinbase premium, the difference in pricing between the BTC/USD pair on the largest US exchange, Coinbase, and Binance’s BTC/USDT equivalent.

Having  hit 12-month lows  on Dec. 31, the Coinbase Premium index rebounded above its 14-day SMA for the first time in nearly a month.

“As long as the Coinbase Premium Index remains above the SMA14, it will likely continue testing the positive zone,” Burak Kesmeci, a contributor to onchain analytics platform CryptoQuant, wrote in a  blog post  on Jan. 3. 

“This suggests that U.S.-based buyers could exert stronger influence over Bitcoin’s price trajectory.”

BTC/USD chart with Coinbase Premium Index data (screenshot). Source: CryptoQuant