US-listed spot Bitcoin exchange-traded funds (ETFs) notched their biggest inflows in nearly eight months as BTC reclaimed $80,000.
Bitcoin ETFs recorded $730.9 million in net inflows on Thursday, the largest daily haul since Jan. 14, when the funds attracted $843.6 million, according to SoSoValue data.
The surge followed $101.2 million inflows on Wednesday and came as Bitcoin reclaimed the $80,000 level after trading in a range between roughly $76,000 and $81,000 this week, according to CoinGecko.
Despite the spike in ETF inflows, CryptoQuant remained cautious about Bitcoins rally, citing weaker spot demand and heavy short covering as $83,000 emerges as a key bull market threshold.
BlackRocks IBIT draws $454 million in a day
BlackRocks iShares Bitcoin Trust (IBIT), the largest US spot Bitcoin ETF by net assets, led Thursdays buying with $454 million in inflows, accounting for about 62% of the total, according to Farside Investors data.
While total spot Bitcoin ETF inflows reached their highest level since January, IBIT alone drew a larger $503 million inflow as recently as Aug. 20.
ARK Invest and 21Shares‘ ARK 21Shares Bitcoin ETF (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) were the only funds to record outflows on Thursday, at $19.6 million and $5.2 million, respectively.
Bitcoin rally still needs fresh buyers
Bitcoins recent rally was driven largely by traders closing short positions rather than opening new long positions, pointing to limited fresh buying demand, CryptoQuant said in a Thursday report shared with Cointelegraph.
The report mentioned that Bitcoin holders realized 23,000 BTC in net profits on Aug. 21, the highest daily amount this year, and about 110,000 BTC in total since Aug. 19, reflecting substantial profit-taking during the rally.
Related: Bitcoins apparent demand turns negative as price struggles with $77K
According to CryptoQuant, Bitcoins next major test sits around its 365-day moving average, which CryptoQuant placed at roughly $82,300.
The company said the moving average has historically marked the divide between Bitcoin bull and bear markets, with Bitcoin reaching $81,400 on Aug. 28 before retreating below the threshold.
“A decisive close above $83K would confirm the new bull market,” CryptoQuant said, while a rejection could trigger a pullback toward the 200-day moving average near $69,000.