Bitcoin hits a 7-week high after U.S. spot ETFs record $294M in net inflows over two days, reversing four weeks of outflows. Institutional futures positioning is also rebuilding.
Bitcoin rose to its highest level in seven weeks on Tuesday, touching $67,800 before settling near $67,200. The move added roughly 4% over the session and pushed the token above its 50-day moving average for the first time since late July.
The catalyst was a shift in spot ETF flows. After four weeks of net outflows, U.S.-listed Bitcoin ETFs recorded net inflows of $294 million over Monday and Tuesday, according to data from Bloomberg. The largest single-day intake came from BlackRock's IBIT fund, which absorbed $187 million on Tuesday alone.
Traders said the ETF buying broke a pattern of persistent selling pressure from Grayscale's GBTC, which had shed more than $2 billion since July. "The GBTC bleed has slowed to a trickle," one crypto market maker said. "That changes the supply-demand math in a hurry."
Open interest in Bitcoin futures on CME rose 8% over the same two days, suggesting institutional positioning is rebuilding rather than just spot buying. The CME premium – the gap between futures and spot – widened to 6.5%, its highest in a month.
The move also lifted Ethereum, which gained 3.2% to $2,540, though it remains below its 50-day moving average. Ether ETF flows stayed flat over the period, with no net inflows or outflows recorded.
Bitcoin's 14-day relative strength index sits at 62, leaving room before the overbought threshold of 70. The last time RSI crossed above 60, in June, the rally extended another two weeks before reversing.
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