Bitcoin ETF inflows hit $731M, highest since January
US spot Bitcoin ETF inflows hit $730.9 million on Thursday, the largest daily haul since January, as Bitcoin reclaimed $80,000. BlackRock's IBIT led the surge, though CryptoQuant warned that short covering—not fresh demand—drove much of the rally, with $83,000 still a key test.
Key Takeaways
- US spot Bitcoin ETFs recorded $730.9 million in net inflows Thursday, the biggest day since Jan. 14.
- Bitcoin reclaimed $80,000 after trading roughly between $76,000 and $81,000 this week.
- BlackRock's IBIT alone drew $454 million, about 62% of the day's total inflows.
- CryptoQuant said short covering, not new longs, powered much of the rally, with $83,000 a key threshold.
The surge in fintech and crypto markets followed $101.2 million of inflows on Wednesday, according to SoSoValue data cited by Cointelegraph. Thursday's haul was the largest since Jan. 14, when the funds attracted $843.6 million.
How large were Thursday's Bitcoin ETF inflows?
US-listed spot Bitcoin ETFs notched their biggest daily inflows in nearly eight months as BTC reclaimed the $80,000 level. SoSoValue data put net inflows at $730.9 million on Thursday.
BlackRock's iShares Bitcoin Trust (IBIT), the largest US spot Bitcoin ETF by net assets, led buying with $454 million, or about 62% of the total, per Farside Investors. ARK Invest and 21Shares' ARKB followed with $137.7 million, while Fidelity's FBTC drew $74.4 million.
VanEck's HODL and WisdomTree's BTCW were the only funds to record outflows, at $19.6 million and $5.2 million, respectively. IBIT alone had drawn a larger $503 million as recently as Aug. 20, Farside data showed.
Why did Bitcoin reclaim $80,000 this week?
Bitcoin reclaimed $80,000 after trading in a range between roughly $76,000 and $81,000 this week, according to CoinGecko. The ETF inflow spike coincided with that move above $80,000.
Even so, CryptoQuant remained cautious. In a Thursday report shared with Cointelegraph, the firm said Bitcoin's recent rally was driven largely by traders closing short positions rather than opening new longs, pointing to limited fresh buying demand.
What level must Bitcoin clear next?
CryptoQuant flagged Bitcoin's next major test around its 365-day moving average, placed at roughly $82,300. The firm said that average has historically marked the divide between bull and bear markets.
Bitcoin reached $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.
Holders realized about 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, CryptoQuant reported.