Bitcoin has been trading between $79,000 and $81,000 since its price rally stalled near $84,900 ten days ago. At the time of writing, the cryptocurrency was priced around $80,046, down 3 % on the weekly chart.
BlackRock’s IBIT purchases
Data from Onchain Lens shows that BlackRock’s iShares Bitcoin Trust (IBIT) bought 3,441.176 BTC, valued at approximately $276.7 million, from Coinbase Prime over the past 24 hours. Between October 26 and October 28, the fund purchased a total of $397 million worth of Bitcoin.
ETF inflows and market activity
During the same period, Bitcoin ETFs recorded net inflows of $137 million daily, with BlackRock accounting for the majority. Other funds showed limited activity; for example, Bitwise’s BITB reported net inflows of $1.32 million in the previous session.
CoinGlass data indicates that spot Bitcoin net flow turned negative, with a net outflow of about $20 million at press time, suggesting increased withdrawals from exchanges.
Institutional demand outlook
Despite the ETF inflows, broader institutional demand appears muted. The Coinbase Premium Index has remained negative since September, reflecting weak buying pressure from U.S. investors.
Analysts note that historically, limited institutional buying has coincided with periods of market weakness.
Summary
BlackRock’s IBIT accumulated over 3,400 BTC worth $276 million from Coinbase Prime, marking three consecutive days of inflows. Meanwhile, overall institutional demand for Bitcoin remains relatively weak, contributing to the current bearish market environment.
