U.S. bitcoin ETFs recorded their largest single-day net inflow since mid-November on 18 December 2025, a $457.3M intake that coincided with Bitcoin’s market dominance rising to 60%. The surge highlights renewed institutional demand for spot bitcoin exposure at a moment when price action and macro data are directly shaping positioning across regulated channels.
ETF flows tighten Bitcoin’s supply–demand balance
Fund flow data showed that the 18 December spike was driven largely by Fidelity’s Wise Origin Bitcoin Fund (FBTC), which attracted $391.5M, while BlackRock’s iShares Bitcoin Trust (IBIT) added about $111.2M. Collectively, U.S. spot bitcoin ETFs have now accumulated more than $57B in net inflows and manage over $112B in net assets, pushing ETF reserves to levels that materially affect circulating supply.
These ETF holdings represent roughly 6.5% of Bitcoin’s total market capitalization and have become a structural factor in supply dynamics. A spot bitcoin ETF is a regulated investment vehicle that holds physical bitcoin and issues shares to investors, channeling capital directly into the spot market rather than into derivatives, and ETF channels are increasingly described as the market’s marginal buyer since early 2024.
Bitcoin briefly rallied toward $90,000 before retracing below $86,000 around the inflow day, underscoring the asset’s sensitivity to macro signals and technical levels. Analysts cited a supply cluster between $93,000 and $120,000 as a key resistance zone even as ETF accumulation removes liquidity from exchanges and OTC desks, with some projections suggesting that ETFs could absorb more than 100% of new bitcoin issuance in 2026.
Commentary from institutional managers links the flow profile directly to macro and market structure. Vincent Liu of Kronos Research described bitcoin as a “clean liquidity trade” as rate-cut expectations soften, while Bitwise’s Andre Dragosch characterized ETFs as the market’s marginal buyer, framing these vehicles as central to incremental demand and to the current phase of 60% bitcoin dominance in total crypto market capitalization.
Bitcoin market dominance measures the share of total cryptocurrency market value captured by bitcoin and serves as a proxy for capital concentration between bitcoin and competing tokens. The combination of outsized ETF inflows, elevated dominance and structurally tighter supply sets the near-term trajectory on a collision course with upcoming U.S. macro releases and Federal Reserve signals, which will be the next catalysts for ETF demand and price discovery.