Bitcoin Holds Near $118K as ETF Inflows Extend to Tenth Day; Eyes Turn to Ether Breakout

U.S. spot bitcoin ETFs notched a tenth straight day of net inflows on Wednesday, attracting $799 million in total, with BlackRock’s IBIT dominating at $763 million. The steady institutional demand added fuel to an already bullish crypto environment, supported by softer macroeconomic data.

Bitcoin (BTC) stabilized around $118,300, gaining 6.6% on the week, as cooling U.S. CPI figures helped ease investor concerns. The flagship cryptocurrency recorded a 0.4% daily increase, while ether (ETH) surged 6.7% over the past 24 hours to hold above $3,340 — marking a 20.5% weekly gain and placing it on breakout watch for new all-time highs.

Elsewhere in the market, XRP continued its upward charge, rising 6.4% on the day to $3.09 — up 27% on the week. Solana (SOL) advanced 5% to $170, dogecoin (DOGE) jumped 6% past $0.21, BNB gained nearly 3% to $708, and Tron’s TRX climbed 3.7% to $0.31.

Overall, the crypto market remained in risk-on mode for a second straight day, buoyed by persistent ETF optimism and a macro backdrop that increasingly favors digital assets.

Traditional markets echoed the mixed sentiment. While Asian equities slipped as traders reassessed the pace of rate cuts, gold inched higher and the U.S. dollar weakened — creating tailwinds for crypto. U.S. equities showed mild softness amid renewed tariff concerns and pre-summer repositioning.

The dollar index (DXY) has now fallen roughly 10% year-to-date, bolstering dollar-priced risk assets like crypto. However, traders remain split on what comes next.

In a note Wednesday, QCP Capital said bitcoin’s momentum stalled slightly after touching $120,000, with support forming between $114,000 and $118,000 as buyers returned on dips. The firm cautioned that summer seasonality and equity fatigue could temporarily cap further gains.

Still, sentiment among bulls remains firm. Ryan Lee, chief analyst at Bitget Research, projected more upside in the near term.

“With persistent ETF inflows, limited supply, a weakening dollar, and potential Fed easing, a move to $150,000 by Q3 is looking more realistic,” Lee wrote in a note to CoinDesk.