US-listed Bitcoin ETFs (exchange-traded funds) have seen their largest inflows for nearly eight months, as BTC recovered $80,000.
Bitcoin ETFs reported net inflows totaling $730.9 Million on Thursday. It was the biggest daily inflow since Jan. 14 when funds received $843.6 millions. according SoSoValue Data
It was followed by a surge $101.2 million inflows on Wednesday Bitcoin has reclaimed $80,000 after trading within a range of $76,000 to $81,000 during this past week. according CoinGecko is a free online game.
CryptoQuant, in spite of the surge in ETF flows, remains cautious on Bitcoin’s rally. They cite weaker spot demands and heavy short-covering as $83,000 is emerging as an important bull market threshold.
BlackRock’s IBIT brings in $454 Million per day
BlackRock’s iShares Bitcoin Trust – the biggest US Bitcoin ETF based upon net assets – led on Thursday’s inflows with $454m, or 62%, of the total. according Farside Investors Data
IBIT was the only Bitcoin ETF that attracted more than $503 Million inflows on Aug. 20, despite total inflows to spot Bitcoin ETFs reaching their highest levels since January.
US Bitcoin ETF flow data since Tuesday. Source: Farside Investors
ARK Invest & 21Shares ARK 21Shares Bitcoin Fund ETF (ARKB), with $137.7 Million, was followed by Fidelity’s Wise Origin Bitcoin Fund(FBTC), which attracted $74.4 Million.
VanEck’s Bitcoin ETF HODL (HODL), WisdomTree Bitcoin Fund BTCW (BTCW), VanEck and WisdomTree, were the only two funds with outflows, of $5.2 and $19.6 millions respectively.
The Bitcoin rally needs new buyers
CryptoQuant reported to Cointelegraph on Thursday that Bitcoin’s recent rise was mostly driven by traders closing their short positions as opposed to opening new long positions. This indicates limited buying demand.
Bitcoin investors realized about $110,000 in profits since Aug. 19 and 23,000 BTC on Aug. 21. This is the highest amount for a single day this year.
Related: Bitcoin’s apparent demand turns negative as price struggles with $77K
CryptoQuant estimates that Bitcoin will test its next major level around the 365-day average. CryptoQuant put this at approximately $82,300.
Source: CryptoQuant
Bitcoin reached $81,400 on August 28th before slipping below that threshold.
“A decisive close above $83K would confirm the new bull market,” CryptoQuant stated that a rejection would trigger a move back towards the 200-day average, which is around $69,000.
Magazine: Bitget CEO isn’t buying the Bitcoin rally — She’s waiting for $50K
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Source: cointelegraph.com
