Bitcoin ETFs Experience Largest Gains Since January Amid BTC’s Surge to $80K
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Written by: Helen Partz, staff writer | Reviewed by: Yohan Yun, staff editor
Bitcoin ETFs witnessed their strongest inflows since January as Bitcoin reclaimed $80K. US-listed spot Bitcoin exchange-traded funds (ETFs) registered net inflows of $730.9 million on Thursday—the highest daily figure since January 14 when they attracted $843.6 million, according to SoSoValue data.
This surge followed $101.2 million inflows on Wednesday as Bitcoin fluctuated around the $80,000 mark this week, per CoinGecko. Despite the ETF influx, CryptoQuant expressed caution, noting weaker spot demand and heavy short covering as Bitcoin nears the $83,000 threshold, a key level for the bull market.
BlackRock’s IBIT leads the charge: BlackRock’s iShares Bitcoin Trust (IBIT), the largest US spot Bitcoin ETF by net assets, led Thursday’s buying with $454 million in inflows, accounting for 62% of the total, according to Farside Investors data.
While total spot Bitcoin ETF inflows reached their highest level since January, IBIT alone drew a larger $503 million as recently as August 20. ARK Invest and 21Shares’ ARK 21Shares Bitcoin ETF (ARKB) followed with $137.7 million, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) recorded $74.4 million.
VanEck’s HODL and WisdomTree’s BTCW experience outflows: Only VanEck’s Bitcoin ETF (HODL) and WisdomTree’s Bitcoin Fund (BTCW) reported outflows on Thursday, at $19.6 million and $5.2 million, respectively.
Limited fresh buying demand: CryptoQuant attributed Bitcoin’s recent rally to traders closing short positions rather than opening new long positions, indicating limited fresh buyer interest. According to their report, Bitcoin holders realized 23,000 BTC in net profits on August 21—the highest daily amount this year—and about 110,000 BTC in total since August 19, reflecting significant profit-taking during the rally.
Next major test around $82,300: CryptoQuant suggests that Bitcoin’s next major test will be its 365-day moving average, approximately $82,300. They claim this level has historically marked the boundary between Bitcoin bull and bear markets. A successful close above $83,000 would confirm a new bull market, while a rejection could trigger a pullback toward the 200-day moving average near $69,000.