Bitcoin ETF rebound needs to be sustained for BTC price to benefit: Crypto Daybook Americas

The cryptocurrency market saw a sharp reversal in spot Bitcoin ETF demand, with Wednesday recording over $457.3 million in net inflows, the highest in five weeks, following two days of over $500 million in net outflows. For Bitcoin (BTC) to achieve sustained price gains, this rebound in institutional demand must continue, mirroring the strong inflow patterns seen earlier in the year. Currently, BTC is trading indecisively between $86,000 and $90,000 as traders await crucial U.S. inflation data, which, if softer than the expected 3.1% year-on-year, could encourage risk-taking. Attention will also turn to the Bank of Japan's interest rate decision, where a hike is anticipated. In contrast to BTC's relative stability, other assets showed weakness, with Ether (ETH) down over 2% and smaller tokens underperforming, as indicated by the CoinDesk 80 index falling 3.2%. Furthermore, veteran trader Peter Brandt suggested a bearish outlook for XRP, predicting a potential drop to $1 or below.

(Source：CoinDesk)