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BTC The U.S. spot bitcoin ETF ended brilliantly in August, with a single-day net inflow of US$731 million on September 3.
The U.S. spot bitcoin exchange-traded fund (ETF) ended in August with an impressive performance and seemed to continue to accumulate upward momentum. On September 3, these ETFs recorded net inflows of $731 million, their strongest one-day performance since January this year. Currently, the recurrence of a historical pattern has sparked speculation about whether Bitcoin will hit a short-term peak again after surging demand for ETFs.
ETF purchases surge
Analyst Ted Pillows pointed out that in two previous incidents, when Bitcoin ETF recorded a daily net inflow of more than US$700 million-in October 2025 and January 2026 respectively-Bitcoin subsequently reached local highs in the short term.
Despite a slight correction on September 1, with a net outflow exceeding US$236 million that day, the U.S. spot Bitcoin ETF rebounded quickly and strongly. Total net assets reached US$103.34 billion, accounting for more than 6% of Bitcoin's total market value. Since these ETFs were listed in January 2024, cumulative net capital inflows have reached US$55.44 billion.
Data shared by SoSoValue showed that BlackRock's IBIT led the gains with approximately US$454 million. This was followed by Ark and 21Shares 'joint launch of ARKB with a net inflow of $137.7 million, followed closely by Fidelity's FBTC with a net inflow of $74.4 million. Grayscale's two products attracted a combined $57 million in funding.
On the other hand, VanEck's HODL and WisdomTree's BTCW were the only two funds to record outflows, with net outflows of $20 million and $5 million respectively.
In the past month, Bitcoin has experienced a net capital inflow of approximately 105,000 bitcoin equivalent, of which the U.S. spot Bitcoin ETF accounted for approximately 42,800. According to Axel Adler Jr., during this period, fund inflows accounted for approximately 41% of overall capital entering the market.
Bear market debate continues
Bitcoin prices rose sharply by more than 4% as funds flowed in, trading close to $81,130. The number of open interest contracts on Binance and Bybit reached highs not seen since May 5, a sign that derivatives activity is rebuilding with the latest price rise. These developments have led some experts to believe that the bear market in the crypto market may be coming to an end.
However, Fidelity believes that the recent recovery is not enough to prove that the bear market is over. The company pointed out that Bitcoin's historical four-year cycle could set another market low around November 2026, although this pattern is not inevitable.
However, the latest technical trend looks more bullish. Bitcoin has recently returned to the top of the weekly EMA moving average band after falling below that level, which previously marked the beginning of a sell-off. Dami-Defi explained that the current EMA moving average band is roughly between US$71,000 and US$78,000. The recovery is seen as a positive sign, but crypto assets still need to remain above the moving average band at the close of each week. If it happens, the next major resistance level to focus on is around $95,000 to $96,000. However, a break below the moving average could invalidate the recovery.
