Bitcoin ETF Inflows Soar to Nearly Eight-Month High as BTC Surges Above $80K
US-listed spot Bitcoin exchange-traded funds (ETFs) saw their strongest single-day inflows in nearly eight months as Bitcoin surged back above $80,000. The rebound coincided with a broader improvement in ETF demand, but analysts warned that the move may not yet reflect entirely fresh spot buying.
The surge in ETF inflows was led by BlackRock's iShares Bitcoin Trust (IBIT), which pulled in $454 million on Thursday, about 62% of all net inflows. This is a significant figure, though it pales in comparison to the fund's August 20th peak of $503 million.
CryptoQuant cautioned that while ETF inflows are often treated as a proxy for institutional interest, they may not necessarily reflect fresh demand. The analysis suggested that Bitcoin's move may be partly driven by short covering and profit-taking rather than new long-term accumulation.
The next major checkpoint for Bitcoin is near the 365-day moving average of around $82,300, according to CryptoQuant. A decisive close above $83K would signal the start or resumption of a new bull market phase, while failure to hold above this threshold may lead to a pullback towards the 200-day moving average near $69,000.