US-listed spot bitcoin exchange-traded funds (ETFs) marked their biggest inflow in nearly eight months as BTC regained $80,000.
Bitcoin ETFs recorded $730.9 million in net inflows on Thursday, the biggest daily infusion since Jan. 14, when the fund attracted $843.6 million. According to In SoSoValue data.
Following a $101.2 million inflow on Wednesday and trading between roughly $76,000 and $81,000 this week, Bitcoin regained the $80,000 level. According to That’s CoinGecko.
Despite the increase in ETF flows, CryptoQuant was cautious about Bitcoin’s rally, citing weak spot demand and heavy short covering as $83,000 emerged as a key bull market threshold.
BlackRock’s IBIT draws $454 million in one 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 Investor Information.
While total spot bitcoin ETF inflows reached their highest level since January, IBIT alone brought in more than $503 million in inflows as recently as August 20.
Daily US spot bitcoin ETF flows since Tuesday. Source: Farside Investors
ARK Invest and 21Shares’ ARK 21Shares Bitcoin ETF (ARKB) followed with $137.7 million, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) made $74.4 million.
Vanek’s Bitcoin ETF ( HODL ) and WisdomTree’s Bitcoin Fund ( BTCW ) were the only funds to record outflows on Thursday, with $19.6 million and $5.2 million, respectively.
The Bitcoin rally still needs new buyers
Bitcoin’s recent rally was largely driven by traders closing short positions rather than opening new long positions, pointing to limited new buying demand, the cryptoquant said in a report shared with Cointelegraph on Thursday.
The report noted that Bitcoin holders made a net profit of 23,000 BTC on August 21, the highest daily amount this year, and a total of about 110,000 BTC since August 19, reflecting substantial profit-taking during the rally.
Related: Bitcoin’s apparent demand turns negative as price struggles with $77K
According to CryptoQuant, Bitcoin’s next major test sits near its 365-day moving average, which CryptoQuant puts at roughly $82,300.
Source: CryptoQuant
The company said the moving average has historically marked the divide between bitcoin bull and bear markets, with bitcoin reaching $81,400 before falling back below the threshold on August 28.
“A decisive close above $83K would confirm a new bull market,” CryptoQuant said, while a rejection could trigger a pull toward the 200-day moving average near $69,000.
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