Bitcoin exchange-traded funds (ETFs) recorded net inflows of $457 million on Wednesday, marking their strongest single-day amount in more than a month as institutional demand showed signs of reaccelerating.

Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the inflows, recording the largest daily amount at nearly $391 million, accounting for the majority of the day’s net inflows. It was followed by BlackRock’s iShares Bitcoin Trust (IBIT) at about $111 million, according to data from Farside Investors.

The inflows took cumulative net inflows of U.S. Bitcoin ETFs (BTC) to more than $57 billion, while total net assets rose to more than $112 billion, equivalent to about 6.5% of Bitcoin’s total market capitalization.

This recovery followed a volatile period in November and early December, when flows alternated between modest inflows and sharp outflows. Spot Bitcoin ETFs last saw inflows of more than $450 million on November 11, when the funds withdrew nearly $524 million in a single day.

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Bitcoin ETF inflows show early macro positioning

The renewed interest appears to reflect early positioning rather than late-cycle enthusiasm, said Vincent Liu, chief investment officer at Kronos Research. “ETF flows look like early positioning,” Liu said. “As interest rate expectations ease, Bitcoin becomes a clean liquidity trade again. Politics sets the mood, but capital moves at a macro level.”

However, Liu cautioned that although the momentum may continue, it is unlikely to be smooth. “The momentum is likely to continue, but we expect it to be mixed,” he said. “Flows will follow liquidity and price action. As long as Bitcoin remains a clean macro expression, ETFs remain the path of least resistance.”

US President Donald Trump said on Wednesday that he intends to appoint a new head of the Federal Reserve who strongly supports lowering interest rates. Speaking during a national address marking the one-year anniversary of his second term, Trump said he would announce a successor to current Fed Chairman Jerome Powell early next year, adding that all known finalists favor interest rates lower than current levels. Low rates are usually considered bullish for risk assets like cryptocurrencies.

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About 6.7 million BTC are sitting at a loss

Bitcoin has returned to price levels last seen nearly a year ago, leaving behind a dense supply range between $93,000 and $120,000 that continues to limit recovery attempts. This heavy structure has pushed the amount of Bitcoin held at a loss to 6.7 million BTC, the highest level in the current cycle, according to Glassnode.