Bitcoin Rebounds to $68K as Bitcoin ETF Inflows Surge and IBIT ETF Drives the Bid

BTC-USD snaps back toward $68,000 as ETF demand returns

Bitcoin (BTC-USD) has reversed a weak tape into a clean rebound, trading back near $68,000 after dipping below $63,000 earlier in the week. The move aligns with a broader risk-on shift following strong Nvidia earnings and renewed appetite for crypto across majors like Ether, Solana and Dogecoin. The key difference this time is that the marginal buyer is flowing through U.S. spot Bitcoin ETFs, not just leveraged offshore venues, which changes the quality and durability of the bid.

ETF flow regime flips from multi-week bleed to aggressive inflows

U.S. spot Bitcoin ETFs have moved from heavy redemptions to a sharp two-day inflow spike. After roughly five consecutive weeks of net outflows near $3.8 billion, ETFs posted around $257–258 million of net inflows on February 24, followed by roughly $506–507 million on February 25, the strongest single-day intake in about three weeks.
All 11 active spot products either saw net buying or flat flows on that session, with no redemptions recorded. At the same time, a February drawdown had already erased roughly $20 billion of net ETF assets, so the recent sessions function as a reset rather than a late-stage chase. BTC’s move back above $68,000 tracks this shift in listed demand almost tick for tick, underscoring ETFs as the primary driver of the bounce.

IBIT becomes the dominant lever on listed Bitcoin liquidity

The flow pattern is anchored by BlackRock’s iShares Bitcoin Trust (IBIT), which has effectively become the liquidity spine for ETF-driven exposure to BTC-USD. On February 25, IBIT attracted about $297–297.4 million, representing close to 60% of aggregate U.S. spot Bitcoin ETF inflows that day.
IBIT’s Bitcoin ETF assets stand around $50–52.5 billion, and cumulative inflows since launch are above $60 billion, even after the recent drawdown. That size gives BlackRock direct influence over basis, hedging flows, and how traditional allocators calibrate their Bitcoin exposure. When IBIT prints nearly $300 million of net buying and the complex as a whole is north of $500 million for the day, it is very difficult for spot BTC to stay offered at current levels for long.

GBTC’s rare inflow signals exhaustion of the legacy exit trade

The structurally important Grayscale Bitcoin Trust (GBTC), which still holds the largest historical net outflow profile of any Bitcoin ETF with about $25.9–26 billion in cumulative redemptions, finally posted a positive session with roughly $100+ million of inflows.
This does not transform GBTC into a growth vehicle, but it does change the pressure on BTC-USD. The aggressive rotation from GBTC into lower-fee products has already removed most of the forced supply that weighed on the market during prior selloffs. A flip from chronic outflow to net buying indicates that the structural “exit” dynamic is largely behind the market, reducing the risk of another mechanically driven wave of BTC selling from that channel.

BlackRock’s revenue, tokenization and long-term BTC integration

ETF flows are sitting on top of a broader strategic move by BlackRock (BLK) into digital assets. The firm reported 2025 revenue of $24.2 billion, up 19% versus 2024, while net income slipped from $6.4 billion to $5.6 billion, highlighting the importance of new fee lines.
In parallel, BlackRock and Apollo have launched on-chain tokenized funds worth billions, folding blockchain infrastructure directly into the traditional asset-management stack rather than treating crypto as a side product.
Couple that with IBIT holding around $52.5 billion in Bitcoin ETF assets and pulling almost $300 million of inflows in a single day, and the picture is clear: the largest asset manager globally is building a persistent crypto revenue stream. That institutional commitment reinforces the credibility of ETF demand as more than a short-term trade and structurally supports BTC-USD as part of BlackRock’s long-term product set.

Cross-asset ETF flows: ETH and SOL confirm a complex-wide risk reset

The demand recovery is not limited to Bitcoin. On the same tape where BTC spot ETFs pulled more than $500 million in net inflows, U.S. Ethereum spot ETFs added roughly $150–160 million, and Solana products booked around $30–31 million, their strongest daily haul since mid-December 2025.
In parallel, Solana-linked ETFs have been quietly stacking assets while spot SOL trades in a $77–88 consolidation band. Price has repeatedly rotated back into that range with ETF demand surfacing near support, confirming that traditional capital is using listed products to build or defend positions. That cross-asset behavior – BTC, ETH and SOL ETF inflows turning positive together – confirms a broader reset in crypto risk appetite rather than an isolated squeeze in BTC-USD.

Nvidia earnings and macro risk-on flows pull BTC back into the growth trade

The ETF reversal aligned with a clean macro catalyst: Nvidia’s latest quarterly report. The company delivered revenue and profitability ahead of expectations, reinforcing confidence in the AI capex cycle and easing fears around a slowdown in high-end chip demand. Equity markets responded with a shift back into growth and high-beta names.
Bitcoin has increasingly traded like a high-beta macro asset during these inflection points. Nvidia’s numbers improved global risk sentiment, pushed equity indices higher, narrowed credit spreads at the margin, and reopened the door for higher-risk allocations. BTC’s rally from sub-$64,000 back toward $68,000 is effectively the crypto expression of that same risk-on impulse, amplified by the ETF channel and the specific behavior of IBIT and its peers.

Positioning, sentiment and the profile of this BTC-USD rebound

Beneath the headline flows, microstructure shows a disciplined repositioning rather than euphoria. When BTC-USD slipped below $63,000, technicals flagged oversold conditions, and short liquidations contributed to upside momentum as price rebounded. But broader sentiment gauges such as the Fear & Greed Index have only climbed from single digits into the low-teens and remain firmly in “fear” territory.
That combination – aggressive ETF inflows, still-cautious sentiment, and a market that just absorbed $3.8 billion of prior redemptions – suggests that this phase is better described as cautious accumulation than a late-cycle blow-off. Longs are rebuilding from a cleaner base, not piling into an already crowded trade, which is structurally supportive for BTC-USD.

What the new ETF flow regime means for BTC-USD levels

The current flow and price configuration around Bitcoin implies three practical signals for the BTC-USD tape. First, the area in the mid-$60,000s is emerging as a de facto institutional support zone. Each probe below $64,000 has been met by a visible pickup in ETF demand and a swift pullback toward $68,000, showing where listed capital is comfortable adding size. Second, price discovery is shifting toward ETF venues. With daily ETF trading volumes back above $4.3 billion and IBIT absorbing the majority of net flows, AP hedging, basis trades and ETF arbitrage now exert as much influence on BTC pricing as offshore perpetual swaps.
Third, while the structural bear case has weakened because the GBTC exit trade is maturing and the complex is printing net inflows again, risk is not gone. Macro shocks, regulatory headlines and another turn in ETF flows can still pressure BTC-USD, but they will now be pushing against a market where the largest asset manager is accumulating product scale rather than shrinking it.

BTC-USD: Buy, Sell or Hold with IBIT at the center of the structure

Given spot around $68,000, two consecutive days of sizable net ETF inflows above $250 million and $500 million, IBIT pulling close to $300 million, and GBTC finally recording a positive session, the balance of evidence favors a Buy / Overweight bias on BTC-USD, managed with clear downside triggers rather than a neutral or short stance.
The mid-$60,000 region has now acted as both technical and flow-based support. A decisive breakdown and sustained trade below roughly $60–62k would indicate that ETF demand is insufficient to absorb renewed stress and would justify scaling back exposure. On the upside, if ETFs continue to attract net inflows, IBIT maintains leadership, and BTC holds above $68,000, the market keeps a credible path toward the $75,000–80,000 band, where the next major liquidity cluster sits. In that environment, the combination of institutional flows through IBIT, recovering sentiment, and cross-asset ETF participation argues for being positioned long Bitcoin (BTC-USD) with disciplined risk levels, not waiting on the sidelines while the listed demand base rebuilds.

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