Key Takeaways 

What’s next for Bitcoin post-Fed rate decision? 

Analysts were split; some projected a rally toward $160K, while others warned of limited impact due to weak macro data.

Can BTC ETF inflows drive the recovery? 

This could be likely, especially if the pace of demand improves, according to Glassnode. 

Bitcoin [BTC] has recovered but sluggishly since the 10th of October flash crash. Part of the latest rebound was fueled by improving macro front and renewed demand from institutions. 

In the past four consecutive trading days, for example, the Spot BTC ETFs posted an inflow streak.

And the demand has climbed steadily from $20 million in Daily Net Inflows to $202 million on the 29th of October. Overall, the products have attracted over $460 million in the past few days. 

Unfortunately, BTC price failed to surge above $117K despite the renewed demand from ETFs. According to Glassnode, the sluggish recovery could be due to the pace of ETF inflows.

The on-chain analytics added, 

“Inflows remain <1k BTC/day, significantly lower than >2.5k BTC/day seen at the start of major rallies this cycle. Demand is recovering, but not at the intensity of recent rallies.”