Bitcoin ETF Inflows Plummet 76% After Brief $80k Breakout
New inflows into U.S. spot bitcoin funds shrunk significantly on Friday, down 76% from Thursday's eight-month high of $730.8 million to just $174.6 million.
The sharp decline in buying activity comes after a brief surge above $80,000, which has since lost momentum and traded near $79,666 as of Saturday morning.
BlackRock's iShares Bitcoin Trust (IBIT) captured a large share of the inflows on both Thursday ($454 million) and Friday ($117.4 million), but other funds failed to attract significant buying activity.
Rachael Lucas, a BTC Markets analyst, described IBIT as 'the vehicle institutions use for large allocations,' highlighting its concentration in recent trading days.