US-listed spot Bitcoin ETFs recorded $730.9 million in net inflows on Thursday, their strongest daily intake since Jan. 14, as Bitcoin recovered the $80,000 level after spending much of the week trading between roughly $76,000 and $81,000.
The reported inflow total marked a sharp increase from $101.2 million on Wednesday and placed ETF demand back at levels last seen during Bitcoin’s earlier rally this year. The Jan. 14 record of $843.6 million remains higher, but Thursday’s result showed that regulated Bitcoin funds can still attract substantial capital even as the underlying asset struggles to establish a clean break above recent resistance.
BlackRock’s iShares Bitcoin Trust accounted for $454 million of Thursday’s net inflows, or about 62% of the total based on the reported fund figures. ARK Invest and 21Shares’ ARK 21Shares Bitcoin ETF added $137.7 million, while Fidelity’s Wise Origin Bitcoin Fund brought in $74.4 million.
The concentration in BlackRock’s fund reflects its established position as the largest destination for Bitcoin ETF flows. Its Thursday intake was substantial but remained below the $503 million single-day inflow the fund recorded on Aug. 20.
Not every issuer participated in the upswing. VanEck’s Bitcoin ETF registered $19.6 million in net outflows, while WisdomTree’s Bitcoin Fund lost $5.2 million. Those withdrawals were modest compared with the inflows into BlackRock, ARK 21Shares and Fidelity products, leaving the overall sector with a strongly positive daily balance.
ETF demand returns as Bitcoin revisits $80,000
Bitcoin’s move back toward $80,000 coincided with the renewed ETF buying, though the available market data does not establish that fund subscriptions alone drove the recovery. The cryptocurrency had moved within a relatively narrow $76,000-to-$81,000 range during the week, a period in which traders appeared unwilling to commit decisively above the upper end of that band.
The ETF figures nonetheless show a return of sizable demand through a regulated channel that allows institutions, wealth managers and other market participants to gain Bitcoin exposure without directly holding the asset. Net inflows generally require fund issuers to acquire additional Bitcoin or otherwise adjust their holdings to support newly created shares, linking strong subscriptions to activity in the underlying market.
Thursday’s inflows were particularly striking because they followed a comparatively muted Wednesday rather than a prolonged run of consecutive inflow days. That pattern can indicate that demand remains sensitive to price moves and market sentiment, rather than representing a steady, uniform accumulation trend across all funds.
The scale of BlackRock’s contribution also means that one issuer had an outsized effect on the daily headline figure. A $454 million inflow into iShares Bitcoin Trust can materially lift the sector total even when other funds see limited activity or redemptions. Readers assessing ETF demand may therefore need to distinguish between a broad-based rise across issuers and a surge led primarily by one large vehicle.
CryptoQuant sees short covering behind the price rebound
Blockchain analytics firm CryptoQuant offered a more cautious reading of Bitcoin’s price action. The firm said the recent advance was tied more closely to the closure of short positions than to fresh long positioning.
Short covering occurs when traders who have bet on a price decline buy Bitcoin to close those positions. Such buying can accelerate a rally, especially if prices rise through levels that force bearish traders to exit. It can also produce a less durable move than a rally supported by a major expansion in new long exposure, since the buying pressure fades once the short positions have been closed.
CryptoQuant also tracked a pickup in realized profits. The firm recorded realized net profits of 23,000 BTC on Aug. 21, its highest daily figure of the year, and said holders realized about 110,000 BTC in total net profits from Aug. 19 onward.
Rising realized profits can reflect healthy profit-taking after a recovery, but they can also add supply to the market when holders choose to sell into strength. In this case, CryptoQuant’s data presents a market where strong ETF subscriptions are arriving alongside selling from holders who are using the price rebound to lock in gains.
That combination helps explain why Bitcoin has not yet maintained a move above the low-$80,000 range. Fund inflows support demand, while profit realization and the absence of a clear increase in new leveraged long positions can limit follow-through.
The $82,300 area remains a technical obstacle
CryptoQuant placed Bitcoin’s 365-day moving average near $82,300, describing the level as a boundary that has separated bull and bear phases in historical comparisons. Bitcoin reached about $81,400 on Aug. 28 before retreating below that average, leaving the market just short of a closely watched technical threshold.
The firm identified $83,000 as another level to monitor. A sustained move above that region would place Bitcoin above both the recent range ceiling and the 365-day average cited by CryptoQuant, potentially reducing the immediate pressure from traders selling into resistance.
On the downside, CryptoQuant pointed to the 200-day moving average near $69,000 as a potential pullback area. That leaves a sizeable gap between current prices near $80,000 and a longer-term support level, underscoring why the market’s next move may depend on whether ETF inflows continue after Thursday’s surge.
The latest fund data offers evidence of renewed demand through US-listed Bitcoin ETFs, but CryptoQuant’s positioning and profit data suggests the recovery has yet to show the broader buying conviction usually associated with a sustained breakout.
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