Bitcoin rose to $69,550 on Wednesday, its highest level in more than a week, after a rapid rebound from roughly $62,350 within 24 hours. The advance coincided with a broader risk-on move in U.S. equities and a return of net inflows to U.S.-listed spot Bitcoin exchange-traded funds (ETFs) after a prolonged stretch of outflows.
Price Rebounds as Risk Appetite Improves
The latest upswing followed gains in U.S. stock markets, with investors reassessing the macro backdrop after President Donald Trump’s State of the Union address on Tuesday night. In the speech, Trump highlighted easing mortgage rates and a 1.7% decline in core inflation over the final three months of 2025. Market participants interpreted the remarks as signaling a potential stabilization in recent policy volatility, contributing to a firmer tone across risk assets.
Spot Bitcoin ETFs See Inflows After Weeks of Outflows
U.S.-listed spot Bitcoin ETFs recorded approximately $257.7 million in net inflows on Tuesday, marking a notable reversal after five consecutive weeks of redemptions that cumulatively pulled close to $4 billion from the category, according to industry flow trackers.
- Fidelity’s spot Bitcoin ETF drew about $83 million.
- BlackRock’s iShares Bitcoin Trust attracted roughly $79 million.
The pickup in institutional demand through ETFs added support to the rally as sentiment improved across risk markets.
Derivatives Point to Spot-Led Buying
Under the surface, derivatives indicators suggest the move has been driven primarily by spot demand rather than leveraged speculation. Aggregated futures open interest fell from above 240,000 BTC earlier in the week to about 235,167 BTC as prices climbed, indicating traders reduced positions instead of adding leverage.
Funding rates remained slightly negative near -0.0037%, meaning short positions were paying longs—an uncommon backdrop during a strong advance and a sign that aggressive speculative positioning has been subdued.
Spot market flows also leaned bullish. The cumulative volume delta, which tracks net aggressive buying versus selling, has been trending higher, reinforcing that direct purchasing in spot markets is propelling the move.
Options Flows Helping Contain Volatility
Options market dynamics may be tempering large price swings. Dealers positioned with positive gamma typically buy when prices dip and sell when they rise as part of hedging activity. That behavior can act as a stabilizer, dampening volatility and making sharp breakouts in either direction harder to sustain.