Bitcoin Steadies Above $118K as ETF Inflows Extend to Tenth Straight Day; Ether, XRP Lead Gains
Bitcoin hovered around $118,300 on Wednesday as U.S. spot ETFs notched a tenth consecutive day of net inflows, totaling $799 million. BlackRock’s IBIT alone accounted for $763 million, reinforcing institutional conviction in the asset even as summer markets grow cautious.
BTC posted a modest 0.4% daily gain and is now up 6.6% on the week. Ether (ETH), meanwhile, saw a stronger move — surging 6.7% in the last 24 hours to hold above $3,340, bringing its weekly performance to over 20% as traders position for a potential breakout to new all-time highs.
XRP continued its sharp climb, rising 6.4% to $3.09 — marking a 27% increase in just seven days. Solana (SOL) gained 5% to reach $170, while Dogecoin (DOGE) rose 6%, trading above $0.21. BNB and TRX also advanced, up nearly 3% and 3.7%, respectively.
The risk-on mood across crypto is underpinned by persistent ETF demand and a favorable macro backdrop. U.S. inflation data helped ease investor nerves, while weakening dollar conditions offered further support to crypto markets.
In traditional finance, global equities wobbled. Asian markets slipped on renewed rate-cut uncertainty, while U.S. stocks pulled back modestly amid trade concerns. Gold edged higher, and the dollar index (DXY) fell, now down nearly 10% for the year — a tailwind for dollar-based crypto assets.
Still, not all analysts are convinced the rally will continue uninterrupted. QCP Capital flagged signs of short-term exhaustion, noting BTC stalled after breaking above $120,000, with a new support zone forming between $114,000 and $118,000. They warned of seasonal slowdowns and possible fatigue in equity markets.
Yet bullish voices remain confident. Bitget Research’s Ryan Lee sees room for further upside.
“With strong ETF flows, tightening supply, and macro support like a weakening dollar and potential Fed cuts, Bitcoin reaching $150,000 by Q3 looks increasingly feasible,” Lee said.
