Spot Bitcoin ETFs Record $730.9 Million in Daily Inflows, Highest Since January, as BTC Reclaims $80,000
Key Takeaways
- •US spot Bitcoin ETFs recorded $730.9 million in net inflows on Thursday, the highest daily total since Jan. 14.
- •BlackRock's IBIT led inflows with $454 million, about 62% of the total, followed by ARK 21Shares' ARKB with $137.7 million and Fidelity's FBTC with $74.4 million.
- •VanEck's HODL and WisdomTree's BTCW were the only Bitcoin ETFs to post outflows, at $19.6 million and $5.2 million respectively.
- •CryptoQuant said the rally has been driven largely by short covering and profit-taking, with holders realizing 23,000 BTC in net profits on Aug. 21, the highest daily amount this year.
- •CryptoQuant views a decisive close above $83,000 as confirmation of a new bull market, while a rejection could pull Bitcoin back toward the 200-day moving average near $69,000.
US-listed spot Bitcoin exchange-traded funds (ETFs) posted their largest inflows in nearly eight months as Bitcoin reclaimed the $80,000 level.
Bitcoin ETFs recorded $730.9 million in net inflows on Thursday, the biggest daily total since Jan. 14, when the funds drew $843.6 million, according to SoSoValue data. The surge followed inflows of $101.2 million on Wednesday and coincided with Bitcoin reclaiming $80,000 after trading in a range of roughly $76,000 to $81,000 this week, according to CoinGecko.
The US spot Bitcoin ETF market, launched in January 2024, has become one of the main conduits for institutional and retail exposure to Bitcoin, which makes its daily flows a closely watched gauge of investor demand.
Despite the spike in ETF inflows, CryptoQuant remained cautious about Bitcoin's rally, citing weaker spot demand and heavy short covering as $83,000 emerges as a key bull market threshold.
BlackRock's IBIT draws $454 million in a day
BlackRock's iShares Bitcoin Trust (IBIT), the largest US spot Bitcoin ETF by net assets, led Thursday's buying with $454 million in inflows — about 62% of the total — according to Farside Investors data.
While overall spot Bitcoin ETF inflows reached their highest level since January, IBIT alone recorded an even larger $503 million inflow as recently as Aug. 20.
The ARK 21Shares Bitcoin ETF (ARKB), from ARK Invest and 21Shares, followed with $137.7 million, while Fidelity's Wise Origin Bitcoin Fund (FBTC) drew $74.4 million.
VanEck's Bitcoin ETF (HODL) and WisdomTree's Bitcoin Fund (BTCW) were the only funds to post outflows on Thursday, at $19.6 million and $5.2 million, respectively.
Bitcoin rally still needs fresh buyers
Bitcoin's recent rally was driven largely by traders closing short positions rather than opening new long positions, signaling limited fresh buying demand, CryptoQuant said in a Thursday report shared with Cointelegraph.
The report noted that Bitcoin holders realized 23,000 BTC in net profits on Aug. 21 — the highest daily amount this year — and roughly 110,000 BTC in total since Aug. 19, reflecting substantial profit-taking during the rally.
According to CryptoQuant, Bitcoin's next major test sits around its 365-day moving average, which the firm placed at roughly $82,300. The company said this moving average has historically marked the divide between Bitcoin bull and bear markets, with Bitcoin reaching $81,400 on Aug. 28 before retreating below the threshold.
"A decisive close above $83K would confirm the new bull market," CryptoQuant said, while a rejection could trigger a pullback toward the 200-day moving average near $69,000.
