US-listed spot Bitcoin exchange-traded funds (ETFs) recorded $730.9 million in net inflows on Thursday, marking their largest daily haul since January 14, according to SoSoValue data. The inflows arrived as Bitcoin reclaimed the $80,000 level after trading between roughly $76,000 and $81,000 throughout the week.
BlackRock's iShares Bitcoin Trust (IBIT), the largest US spot Bitcoin ETF by net assets, led Thursday's buying with $454 million in inflows, representing approximately 62% of total flows. ARK Invest and 21Shares' ARKB followed with $137.7 million, while Fidelity's Wise Origin Bitcoin Fund (FBTC) drew $74.4 million. VanEck's Bitcoin ETF (HODL) and WisdomTree's Bitcoin Fund (BTCW) recorded outflows of $19.6 million and $5.2 million, respectively.
Thursday's surge followed $101.2 million in inflows on Wednesday. While total spot Bitcoin ETF inflows reached their highest level since January, IBIT alone had drawn a larger $503 million inflow as recently as August 20.
Analysis from CryptoQuant indicated that Bitcoin's recent rally was driven largely by traders closing short positions rather than opening new long positions, suggesting limited fresh buying demand. Bitcoin holders realized 23,000 BTC in net profits on August 21, the highest daily amount in 2024, with approximately 110,000 BTC in total realized profits since August 19.
CryptoQuant identified Bitcoin's 365-day moving average at roughly $82,300 as the next major test, noting this level has historically marked the divide between bull and bear markets. Bitcoin reached $81,400 on August 28 before retreating below this threshold. A decisive close above $83,000 would confirm the new bull market, according to the analysis, while a rejection could trigger a pullback toward the 200-day moving average near $69,000.
