US-listed spot Bitcoin exchange-traded funds brought in $730.9 million in net inflows on Thursday, their biggest one-day total in nearly eight months, as Bitcoin moved back above $80,000.
Data from SoSoValue showed it was the largest daily haul since Jan. 14, when the funds took in $843.6 million. The jump came after $101.2 million in inflows on Wednesday.
According to CoinGecko, Bitcoin traded in a roughly $76,000 to $81,000 range this week before reclaiming the $80,000 level.
Even with the stronger ETF flows, CryptoQuant kept a cautious view on the rally, pointing to weaker spot demand and heavy short covering, with $83,000 emerging as a key threshold for the bull market.
BlackRock’s IBIT accounted for most of the day’s inflows
Farside Investors data showed BlackRock’s iShares Bitcoin Trust (IBIT), the largest US spot Bitcoin ETF by net assets, led Thursday’s buying with $454 million in inflows. That was about 62% of the daily total.
While combined spot Bitcoin ETF inflows reached their highest level since January, IBIT on its own had posted an even larger $503 million inflow as recently as Aug. 20.
ARK Invest and 21Shares’ ARK 21Shares Bitcoin ETF (ARKB) followed with $137.7 million in inflows, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) added $74.4 million.
Only two funds posted outflows on Thursday: VanEck’s Bitcoin ETF (HODL), which lost $19.6 million, and WisdomTree’s Bitcoin Fund (BTCW), which saw $5.2 million leave.
CryptoQuant says the rally still needs new buyers
In a Thursday report shared with Cointelegraph, CryptoQuant said Bitcoin’s recent rise was driven mostly by traders closing short positions rather than opening new long positions, a sign that fresh buying demand remains limited.
The firm said Bitcoin holders realized 23,000 BTC in net profits on Aug. 21, the highest daily amount this year. Since Aug. 19, holders have realized about 110,000 BTC in total net profits, which the report said reflected substantial profit-taking during the rally.
CryptoQuant also said Bitcoin’s next major test sits near its 365-day moving average, which it placed at roughly $82,300.
According to the firm, that moving average has historically marked the line between Bitcoin bull and bear markets. Bitcoin reached $81,400 on Aug. 28 before falling back below that level.
「A decisive close above $83K would confirm the new bull market,」 CryptoQuant said. The firm added that rejection at that level could trigger a pullback toward the 200-day moving average near $69,000.