Bitcoin (BTC) rises in tandem with other crypto majors and is trading above $104,000 at the time of writing on Wednesday. BTC's recovery follows a short-lived sell-off below $102,500 the day prior, driven by risk-off sentiment amidst macroeconomic uncertainty and potential profit-taking.

Altcoins, including Ethereum (ETH) and Ripple (XRP), are also edging higher, hovering above $3,400 and $2.40, respectively. 

Institutional demand is making a slow comeback in the crypto market, as inflows into Bitcoin Exchange Traded Funds (ETFs) surge. According to SoSoValue, US-listed ETFs recorded inflows of slightly over $523 million on Tuesday, building on the momentum of $1.15 million on Monday.

ETFs have become a key indicator of Bitcoin interest, with risk-on sentiment characterised by inflows. Interest in the ETFs suffered a significant hit following the October 10 flash crash, which saw over $19 billion in crypto assets liquidated in a single day.

Ethereum, unlike Bitcoin, still faces risk-off sentiment amid persistent ETF outflows. Combined, the nine US-listed ETH ETFs recorded outflows of approximately $107 million on Tuesday, bringing total net inflows to $13.75 billion and net assets to around $22.48 billion. 

SoSoValue recorded zero flows on Monday, which may have set the precedent for continued outflows. The next few days will be critical for shaping sentiment around Ethereum as an ETF asset and its price in the open market.