Bitcoin ETF inflows reached US$731 million, a record high since January, and BTC exceeded US$80,000

Net inflows of Bitcoin spot ETFs hit a nearly eight-month high, and BTC returned to the US$80,000 mark.

US-listed Bitcoin spot exchange-traded funds (ETFs) recorded their strongest single-day inflows in nearly eight months as Bitcoin prices regained their footing above US$80,000. The rebound was consistent with improving overall demand for ETFs, although chain analysts warned that the market relied mainly on position adjustments rather than entirely driven by new spot buying.

According to SoSoValue data, the U.S. Bitcoin Spot ETF received a net inflow of US$730.9 million on Thursday, the largest single-day total since January 14, when inflows were US$843.6 million. The previous week, Bitcoin prices fluctuated between $76,000 and $81,000, and recorded a net inflow of $101.2 million on Wednesday. Later, based on price data from CoinGecko, Bitcoin regained the $80,000 mark.

Key Points

• Bitcoin spot ETF inflows surge: Net capital inflows to the United States totaled $730.9 million on Thursday, the highest level since mid-January.
• BlackRock IBIT leads the way: According to Farside Investors, US$454 million flowed into IBIT, accounting for approximately 62% of total inflows.
• Not all funds performed equally: Most funds achieved positive inflows, while VanEck's HODL and WisdomTree's BTCW were the only funds to experience outflows.
• CryptoQuant points out that new demand is limited: The agency believes the current rise is due more to short covering and profit-taking than to a clear shift in long-term demand.
• Key resistance is around $83,000:CryptoQuant emphasized that this is a key threshold for confirming a new bull market stage, with its 365-day moving average of approximately $82,300.

ETF inflows hit a late January high

The inflow data on the day showed significant signs of accelerating compared with the previous trading day. Total inflows of $730.9 million on Thursday followed Wednesday's $101.2 million, SoSoValue data showed, indicating that ETF demand was highly concentrated in a single trading day rather than steadily accumulating.

Tracking data from Farside Investors shows that the largest contributor is BlackRock's iShares Bitcoin Trust (IBIT). The fund attracted $454 million on Thursday-about 62% of all net inflows. Farside also pointed out that IBIT had previously attracted a larger one-day inflow of $503 million on August 20, indicating that today's jump, while significant, is not unprecedented.

Who is buying? Who is selling?

In addition to IBIT, ARK Invest and 21Shares 'ARKB each increased funding by $137.7 million. Fidelity's FBTC brought in $74.4 million in inflows, while other major issuers did not show the same level of inflows.

In terms of outflows, VanEck's HODL and WisdomTree's BTCW were the only two funds to record net outflows on Thursday, recording net outflows of $19.6 million and $5.2 million respectively. For investors monitoring fund-level sentiment, the distribution of funds suggests that the day's uptrend was generally supported, but the performance was uneven across different products.

CryptoQuant: The rally may depend on position adjustments rather than new demand

Even if ETF inflows improve significantly, CryptoQuant warns that Bitcoin's rise may not yet reflect a strong new wave of long-term accumulation. In a review shared with Cointelegraph, CryptoQuant pointed to weak spot demand and heavy short covering-a model that can quickly push prices higher but does not guarantee the sustainability of the market.

The analysis also mentions realized profitable activities. CryptoQuant said holders achieved net profit of approximately 23,000 BTC on August 21, the highest single-day amount this year. It further estimates that since August 19, holders have achieved a total net profit of approximately 110,000 BTC, which means that some of the gains are accompanied by profit-taking, rather than just new entry.

This is important for traders because ETF inflows are often seen as representative of institutional interest, but CryptoQuant's view suggests that immediate price increases in the short term may be amplified by market mechanisms-particularly the unwinding of short positions.

Focus on US$83,000 and 365-day moving average

The next major checkpoint pointed out by CryptoQuant is near Bitcoin's 365 daily moving average, which is around $82,300. CryptoQuant said that historically this level has divided previous bull and bear markets cycles, with Bitcoin reaching $81,400 on August 28 and then falling back below that threshold.

In its view, a clear closing of above US$83,000 would be a signal confirming the beginning (or resumption) of a new bull market phase. Instead, CryptoQuant warned that if prices fail to remain above the region, the risk of a correction could extend towards the 200-day moving average around $69,000.

The immediate message for market participants is that today's strong ETF inflows may help support buying, but whether these inflows translate into a lasting trend will likely depend on whether Bitcoin can overcome the key technical range near the 365-day moving average and continue to trade above it.

In the next trading, investors should focus on the aftermath of net ETF flow after Thursday's surge and whether Bitcoin can stabilize and remain above the $83,000 area highlighted by CryptoQuant-as this combination will better indicate that demand is shifting from short covering and profit-taking to continued buying.