ETF Frenzy Fails to Lift Bitcoin Above $80,000
Despite another strong week of inflows into US spot Bitcoin ETFs, Bitcoin remains trapped below $80,000. The inflows totaled $986.9 million last week, extending a three-week streak and bringing the total over that period to about $3.8 billion.
The BlackRock's IBIT accounted for $691.5 million of those inflows, but despite this significant institutional demand, Bitcoin failed to sustain its breakout above $81,000.
According to Zeus Research analyst Dominick John, the sustained ETF inflows show institutions are steadily rebuilding their exposure to Bitcoin, creating 'genuine spot demand' rather than relying on leverage-driven speculation. However, he also notes that strong inflows do not guarantee an equally strong price move, as Bitcoin trades in a much larger market.
A recent analysis by Glassnode found that about 600,000 more Bitcoin 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.