Bitcoin Price Volatility Masks Institutional Demand Growth
Bitcoin's price has been volatile in recent weeks, surging above $82,000 and then falling back below $80,000. Despite this, data shows that US spot Bitcoin ETFs have recorded net inflows for three consecutive weeks, indicating a recovery in institutional demand.
The SoSoValue data reveals that US spot Bitcoin ETFs saw a net inflow of $986.9 million last week, marking the third straight week of positive inflows into these funds. BlackRock's IBIT fund was a standout performer, with total net inflows reaching approximately $3.8 billion over the past three weeks.
Spot Ethereum ETFs also saw a net inflow of $218.4 million last month, marking their third consecutive week of positive inflows. This follows a strong performance in August, where spot Bitcoin ETFs recorded net inflows of $3.52 billion and spot Ethereum ETFs saw net inflows of $1.85 billion.
Analyst Dominic John from Zeus Research predicts that BTC's uptrend will remain strong as long as it holds above the $80,000 level, with prices gradually rising towards $82,000-$85,000. However, Presto Research analyst Min Jung warns that higher-than-expected US inflation data could dampen this upward trend.