Bitcoin Consolidates Around $90,000 Amid Record ETF Inflows

The cryptocurrency market consolidated on Thursday, with Bitcoin stabilizing as it sets its sights on the $100,000 milestone.

Bitcoin (BTC) trades at $90,885, rising 1.2% over the past 24 hours. The leading cryptocurrency hit a new peak of $93,477 yesterday before retracing, while Ethereum (ETH) dipped 2% and Solana (SOL) rose 1.4%. The global cryptocurrency market cap now stands at $3.1 trillion.

In the past day, liquidations hit $683.5 million, affecting over 191,000 traders. The largest single liquidation order occurred on Binance, with a BTC-USDT trade valued at $32 million, according to CoinGlass.

Ryan Lee, chief analyst at Bitget Research, attributed Bitcoin's recent rally to substantial inflows from traditional financial institutions.

“BTC recently surpassed $93,000, with the primary driver being the continuous net inflow of $4 billion from traditional funds represented by BTC ETFs over the past five trading days, averaging $800 million daily,” Lee explained. “A further factor is the anticipated enhancement of crypto policies. The U.S. may introduce cryptocurrency related legislation next year, offering a mid- to long-term boost to the crypto market.”

Lee predicts Bitcoin’s price could range between $82,000 and $110,000 in the next month, with $73,000 to $150,000 projected over the next six months.

“If BTC breaks $94,000, over $1 billion in short positions could be liquidated, accelerating the market’s upward trajectory,” he noted.

ETFs on a Tear

U.S. Bitcoin and Ethereum spot ETFs continue to see unprecedented demand, reflecting growing institutional interest in crypto. On Nov. 13, BTC ETFs recorded $510 million in net inflows, bringing the week’s total to over $2.5 billion, according to Farside Investors data.

BlackRock’s iShares Bitcoin Trust (IBIT) leads the pack, netting $230.8 million on Nov. 13 alone.

“I thought things were cooling off, but no,” tweeted Bloomberg ETF analyst Eric Balchunas. “$IBIT just saw $5 billion in volume today for the first time ever.”

Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed with $186 million in inflows.

Ethereum ETFs are also gaining momentum. On Nov. 13, ETH funds recorded inflows of $146.8 million, marking the sixth consecutive day of record-breaking flows.