Bitcoin Draws Nearly $1 Billion in Spot ETF Inflows Despite Trading Sideways Around $86,000

Bitcoin is struggling to find clear direction as it hovers around the $86,000 level, but institutional sentiment remains robust, with nearly $1 billion flowing into U.S. spot exchange-traded funds (ETFs) in a single day.

As of 9:20 a.m. on the 23rd, Bitcoin was trading at $86,458, according to CoinMarketCap data—up 0.09% from 24 hours earlier, essentially flat. While price action has cooled, capital flows remain hot. Citing CoinDesk, U.S. spot Bitcoin ETFs recorded net inflows of approximately $998.95 million (roughly 1.3 trillion won) on the 21st (local time).

That marks the largest single-day inflow since October 6 of last year, when Bitcoin hit its all-time high. It ranks as the ninth-largest daily inflow since the ETFs launched. The sustained institutional buying despite range-bound prices suggests conviction among large investors remains intact.

The altcoin market showed clear divergence across individual tokens. Solana edged up 0.07% to $118.87, while XRP surged 3.53% to $1.58. In contrast, BNB slipped 0.94% to $791.56, and Ethereum fell 0.49% to $2,758.

Sentiment indicators point to overheating conditions. The crypto market's Fear & Greed Index climbed to 78, entering "extreme greed" territory. The index is interpreted such that readings closer to 0 signal fear-driven selling pressure, while readings near 100 suggest greed-fueled correction risk. The current level indicates buying appetite among market participants is running considerably hot.