Bitcoin (BTC) surpassed $110,000 for the first time since June 11, driven by $407.78 million flowing into U.S.-listed spot Bitcoin ETFs on Wednesday. Cumulative ETF inflows now total $49.04 billion according to SoSoValue data, propelling BTC toward its May 22 all-time high of $112,000. The rally lifted major altcoins including XRP (+5.63%), ETH, SOL, and ADA, while memecoins stole the spotlight with BONK and FARTCOIN both posting 24-hour gains exceeding 20%.
Market sentiment remains cautiously optimistic ahead of the U.S. nonfarm payrolls report, expected to show 110,000 new jobs and unemployment rising to 4.3%. Alex Kuptsikevich of FxPro warned the report could "serve as both a catalyst and an insurmountable obstacle" for BTC's momentum. Bitcoin dominance dipped slightly to 65.21% amid altcoin strength, with the CoinDesk Memecoin Index surging 12.6% and the CoinDesk 20 Index up 4.3%.
Separately, NEAR rallied 16.5% after Bitwise announced a European exchange-traded product for the token, doubling its daily trading volume to $213 million. Derivatives markets showed heightened activity, with BTC perpetual futures open interest breaking a descending channel pattern. Spot BTC ETFs now hold ~1.25 million BTC ($49.02B AUM), while spot ETH ETFs saw minor outflows of $1.9 million.
