Spot Bitcoin ETFs saw a strong influx of $457 million on Wednesday, with Fidelity’s FBTC leading at $391 million. Total net assets surpassed $112 billion, representing 6.5% of Bitcoin’s market cap. The rebound follows a volatile period in November and December, with the last similar inflow seen on Nov. 11.

Vincent Liu of Kronos Research sees the ETF inflows as early positioning rather than late-cycle enthusiasm. He predicts uneven momentum tracking liquidity and price action, as long as Bitcoin remains a clean macro expression. President Trump’s plan to appoint a Fed chair supporting lower interest rates could be bullish for risk assets like crypto.

Bitcoin’s return to levels seen a year ago has resulted in a supply cluster between $93,000 and $120,000, leaving 6.7 million BTC at a loss, the highest this cycle. Demand remains fragile in spot and derivatives markets, with Bitcoin likely to remain range-bound until sellers are absorbed above $95,000 or new liquidity enters the market.

Read more at Cointelegraph: Spot Bitcoin ETFs See $457M Inflows in Early Positioning Push