Bitcoin ETFs Swell with $730.9M Inflow as Prices Reclaim $80,000

Bitcoin exchange-traded funds (ETFs) pulled in $730.9 million on Thursday, their largest daily haul since January.

The influx of cash was largely driven by BlackRock's iShares Bitcoin Trust, which accounted for about 62% of the day's total with $454 million in inflows.

This is not all good news, however. According to CryptoQuant, the move up came mostly from traders closing short positions rather than opening new longs, and holders realized 23,000 BTC in net profits on Aug. 21, the highest daily figure of the year.

CryptoQuant's analysts also point out that a decisive close above $83K would confirm the start of a new bull market.