U.S. spot Bitcoin ETFs have extended an ongoing streak, drawing $2.8 billion in inflows across eight consecutive trading sessions. The market activity coincided with Bitcoin trading around $79,520 after touching an intraday high of $80,475, according to CoinGecko data.
Data from Farside Investors indicates that BlackRock's IBIT fund drove the majority of the movement, capturing $2.02 billion or 72% of the total inflows during the stretch. Conversely, Grayscale's GBTC experienced outflows, losing $50.4 million on Wednesday alone. Since their launch, cumulative net inflows for the category have reached $54.7 billion, driven by $63.1 billion in inflows to IBIT and offset by $27.6 billion in outflows from GBTC.
Bloomberg ETF analyst Eric Balchunas reported that gold and Bitcoin funds combined for $7 billion in flows over a five-day period, marking a record for a five-day span. Balchunas attributed the surge to a debasement trade, noting that IBIT's year-to-date flows have returned to positive territory.
Stephen Wundke, strategy and revenue director at Algoz Technologies, noted that weekly trading volume exceeded $90 billion, which is roughly double the typical average, with Bitcoin accounting for just under $40 billion.
While daily inflows retreated from a peak of $606 million on August 20 down to $232 million on Wednesday, industry experts offered mixed perspectives on the trend. Tim Sun, senior researcher at HashKey, told Decrypt that sustained inflows beyond five consecutive days point to steady spot demand following a previous market correction between the $60,000 and $70,000 range. However, Sun cautioned that shrinking daily inflow sizes indicate weakening buying pressure as the market encounters resistance near $85,000.
