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23m ago

Bitcoin Rebounds to $123,000 as ETF Inflows Persist and U.S. Buying Premium Widens

A jump in Coinbase’s price premium signals concentrated domestic demand.

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Overview

  • Bitcoin is stabilizing between $120,000 and $124,000 after setting a record near $126,200 earlier this week, with Wednesday trades hovering around $123,000.
  • U.S. spot Bitcoin ETFs logged about $875.6 million of net inflows on Oct. 7, extending a seven‑session streak led by BlackRock’s IBIT, according to SoSoValue.
  • The pullback triggered roughly $635 million in liquidations over the past day, including about $489 million in longs, with Ethereum longs hit hardest, CoinGlass data show.
  • On‑chain gauges point to accumulation as exchange balances fall and the Coinbase Premium Gap jumps to its second‑highest level since ETF launch, indicating stronger U.S. bid.
  • Macro currents remain mixed, with gold breaking above $4,000 and Fed minutes pointing to expected 2025 rate cuts, factors that traders say can sway risk appetite and crypto flows.