On Thursday, spot Bitcoin ETFs continued to see inflows, marking the fifth consecutive day of net positive flows. The total inflow for the day surpassed $440 million, contributing to a robust start for the week. This inflow streak coincided with a moderate market recovery over the previous 24 hours, which saw Bitcoin's price increase slightly.

The inflows into Bitcoin ETFs extended their run to five consecutive days, with the latest influx amounting to $442 million, pushing the week's total inflows to $2.68 billion. This figure represents the highest weekly net inflow since the beginning of December 2024. Among the ETFs, BlackRock’s IBIT recorded the largest single-day net inflow of $327.32 million, accumulating total cumulative net inflows to $40.96 billion. Following closely behind was Ark Invest and 21Shares’ ARKB ETF, which garnered a net inflow of $97.02 million, raising its total historical net inflows to $3.09 billion.

Over the last 24 hours, the broader cryptocurrency market experienced a minor rebound, with Bitcoin's price rising by approximately 1%. Additionally, open interest in Bitcoin futures increased, indicating a slight enhancement in investor interest. At the time of reporting, the open interest in BTC futures stood at $65.31 billion, showing a 1% increase from the previous day. This gradual climb in both Bitcoin’s price and futures open interest points towards heightened market engagement and growing optimism regarding the current trend.

Simultaneously, the uptick in trading activity suggests that fresh positions are being established to bolster the price momentum, a development typically viewed as a positive signal. Furthermore, in the options market, call volumes have exceeded put volumes, signaling a leaning towards bullish sentiment. At this moment, the put-to-call ratio for Bitcoin is at 0.74.

When the put-to-call ratio falls below 1, it indicates that more call options are being bought compared to puts, reflecting bullish sentiment among options traders. This implies that investors are positioning themselves for a potential upward movement in Bitcoin’s price.

Despite these encouraging signs, Bitcoin's funding rate remains in negative territory. As of the latest data, the funding rate stands at -0.0008%. The funding rate serves as a recurring payment between long and short positions in perpetual futures contracts, helping align the contract price with the spot market. A negative funding rate suggests bearish sentiment, as it indicates that more traders are anticipating a decline in prices.

This scenario implies that certain futures traders are still wagering on Bitcoin’s short-term downside, even as the demand for ETFs and other market metrics indicate renewed strength. This divergence highlights the complex interplay of various market forces and the differing perspectives among participants in the Bitcoin ecosystem.

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