Bitcoin Stays Above $80,000 as INJ ETF Advances
Bitcoin held above $80,000 on Thursday after rebounding from roughly $78,000 the previous day, while U.S. spot bitcoin exchange-traded funds returned to net inflows after three sessions of withdrawals.
Injective was the strongest performer in the CoinDesk 100 after Nasdaq approved the listing of Canary Capital’s proposed staked INJ ETF, although the fund still requires an effective registration statement before public trading can begin.
What happened
CoinDesk reported that bitcoin slipped 0.2% to around $80,250 since midnight UTC on Nov. 5. Despite that modest decline, the cryptocurrency remained above the $80,000 level following Wednesday’s move from around $78,000.
The move coincided with an improvement in spot bitcoin ETF flows. According to CoinDesk, spot bitcoin ETFs took in $74.6 million on Nov. 4, ending a three-day outflow streak. Cointelegraph likewise reported $74.6 million in bitcoin ETF inflows for the day.
Cointelegraph said the three prior bitcoin ETF outflow sessions totaled $1.16 billion. It reported that BlackRock’s IBIT recorded $201.2 million in outflows, while Fidelity’s FBTC led inflows with about $237 million.
Ether-focused funds also turned positive, according to Cointelegraph. Ether ETFs added $53 million on Nov. 4, ending a seven-day outflow streak totaling $657 million.
Injective led the CoinDesk 100 on Thursday. CoinDesk reported that INJ gained around 6% since midnight UTC and around 10% over 24 hours after Nasdaq approved the listing of Canary Capital’s staked INJ ETF, which is expected to trade under the ticker INJC.
The reported performance figures refer to different measurement windows. The 6% change covers the period since midnight UTC, while the roughly 10% figure covers 24 hours.
Why it matters
The return to positive spot bitcoin ETF flows is notable because it followed several days of investor withdrawals. CoinDesk identified the Nov. 4 intake as the end of a three-day outflow streak, while Cointelegraph quantified those prior bitcoin ETF outflows at $1.16 billion.
Bitcoin holding above $80,000 after falling toward $75,600 during the U.S. midterm count, alongside the return to net ETF inflows, signals renewed institutional demand after heavy selling. The level is also a near-term reference point after Wednesday’s recovery from around $78,000, as reported by CoinDesk.
The proposed INJC fund is separately important because it would offer a regulated U.S. product designed to stake its underlying INJ holdings. Binance Square reported that Canary’s filing says the fund plans to stake at least 90% of its INJ holdings, with BitGo named as custodian.
That structure extends U.S. staked-crypto ETF access beyond Bitcoin and Ether. It also puts attention on the distinction between a listing approval and the start of public trading.
Background and context
Bitcoin’s latest move follows a wider period of pressure in digital asset markets. Kitco reported that bitcoin had fallen around 41% from record highs above $122,000 reached in October 2025, and cited CoinMarketCap data placing the broader crypto market’s value at around $2.61 trillion.
Kitco also reported that smaller tokens including sol, dogecoin and ada rose between 1.6% and 2.2% on Wednesday, though all three had lost nearly a quarter of their value over the previous month, according to CoinGecko.
In that environment, the shift in ETF flows provides a closely watched measure of activity in regulated crypto investment products. Cointelegraph’s figures show that both bitcoin and ether funds posted inflows on Nov. 4 after multi-session withdrawal streaks.
For Injective, the relevant development is Nasdaq’s approval of the proposed INJC listing. CoinDesk cited an SEC filing for the approval, and Binance Square said Canary filed Form 8-A12B in connection with the listing process.
However, the approval does not by itself mean the ETF is already available to investors. Binance Square said public trading cannot begin until the S-1 registration statement becomes effective.
What to watch
The immediate question for bitcoin is whether spot ETF flows remain positive after the Nov. 4 inflow that ended the three-day outflow streak. Cointelegraph’s breakdown also leaves attention on the differing fund-level activity, including IBIT outflows and FBTC inflows.
For INJC, the central outstanding item is the S-1 registration statement. Nasdaq’s listing approval is in place, but Binance Square said the fund cannot begin public trading until that registration statement takes effect.
Market participants will also be able to distinguish between INJ’s short-window and daily performance measures. CoinDesk reported gains of around 6% since midnight UTC and around 10% over 24 hours, figures that describe separate periods rather than a single percentage move.
