Bitcoin ETF Inflows Sink to $31 Million as Supply Barrier Looms
Bitcoin exchange-traded funds (ETFs) saw their weakest day of inflows in eight trading sessions, drawing just $31 million on September 28. BlackRock's iShares Bitcoin Trust led with $54.84 million in inflows, adding around 657 Bitcoin and pushing its holdings back above 800,000 BTC for the first time since May 26.
Grayscale's Bitcoin Mini Trust added another $10.32 million, while Fidelity's Wise Origin Bitcoin Fund recorded $10.90 million in outflows and Grayscale's GBTC lost $23.19 million. The remaining products saw no net flows during the session.
The slowdown in ETF demand is becoming increasingly significant as Bitcoin struggles to break through a key supply barrier around $84,000. According to Glassnode, more long-term holder coins are concentrated between $84,000 and $85,000 than at any other level on its cost-basis distribution.