Bitcoin’s $90K Rally Hits Snag as ETF Buying Slows

Bitcoin’s upward momentum toward $90,000 has encountered resistance near $87,722 as U.S. spot ETF inflows experienced a sharp decline. Weekly inflows dropped by about 90%, from $2.39 billion to $241.1 million, according to Bitfinex analysts. This slowdown comes as ETF investors have finally regained their estimated average entry price after 233 consecutive days of being in the red.

Bitfinex expects Bitcoin to trade within a range of $84,000 to $87,722 while spot buying remains weak. The analysts maintain a bullish outlook but emphasize that the timing of any upward movement depends on fresh spot purchases rather than calendar-driven factors. The recent push toward $90,000 was hindered by a lack of sufficient spot buying, despite a temporary increase in futures open interest.

For Bitcoin to break out of its current range and test $90,000, Bitfinex analysts suggest that ETF sessions need to attract at least $340 million each, along with a daily close above $87,722. The analysts also warn that a sustained drop below $81,300, combined with ETF withdrawals, could threaten the ongoing recovery. They identify $84,000 as a key support level, where 75% of the supply is in profit.

The slowdown in ETF buying is attributed to investors returning to breakeven, rather than a long-term weakening of demand. The analysts note that purchases typically accelerate once ETF holders have a larger profit cushion. Additionally, macroeconomic factors, such as high Treasury yields, are limiting risk asset participation, keeping December rate risks in focus.