Bitcoin ETF Inflows Surge to $731M Amid Price Push Past $80K
Bitcoin's recent price surge above $80,000 coincided with a significant influx of investment into US-listed spot Bitcoin exchange-traded funds (ETFs). According to SoSoValue data, these ETFs received $730.9 million in net inflows on Thursday, the largest daily total since January 14th when they attracted $843.6 million.
The rebound is largely attributed to BlackRock's iShares Bitcoin Trust (IBIT), which pulled in $454 million - roughly 62% of all net inflows. This figure surpasses the previous single-day high set by IBIT on August 20th, indicating a substantial increase in investor interest.
However, CryptoQuant, an on-chain analytics platform, cautions that this surge may not necessarily indicate new demand. Instead, it suggests that the rally is largely driven by short covering and profit-taking, rather than fresh long-term accumulation. The analysis highlights that weaker spot demand and heavy short covering are contributing to the price increase.
CryptoQuant also notes that a decisive close above $83K would be essential for confirming a new bull market phase. If Bitcoin fails to hold above this threshold, the pullback risk could extend towards the 200-day moving average near $69,000.