ETF Frenzy Fails to Budge Bitcoin Below $80,000
Despite strong inflows into US spot Bitcoin ETFs, Bitcoin remains stuck below $80,000. The IBIT by BlackRock accounted for $691.5 million of last week's $986.9 million in net inflows, which brings the total over three weeks to about $3.8 billion.
Zeus Research analyst Dominick John says sustained ETF inflows show institutions are rebuilding exposure, creating 'genuine spot demand' rather than relying on leverage-driven speculation.
However, strong inflows do not guarantee a price move, as Bitcoin trades in a much larger market where ETF creations represent only one source of marginal demand.
According to Glassnode data, about 600,000 more BTC are sitting in profit around current levels than when the cryptocurrency traded in a similar area in May. This represents roughly $47 billion of potentially profitable supply.