Bitcoin Holds Near $80,000 as U.S. Spot ETFs Extend Inflow Streak; BlackRock's IBIT Brings In $2.02B

Bitcoin traded around $79,520 on Thursday, up about 1.1% over the past 24 hours after briefly reaching an intraday peak of $80,475, as U.S. spot Bitcoin ETFs recorded a net inflow streak for an eighth consecutive session. Total net additions over the run reached $2.8 billion. BlackRock's iShares Bitcoin Trust (IBIT) led the charge, drawing $2.02 billion—about 72% of the eight-session total—according to Farside Investors. Grayscale's GBTC continued to see withdrawals, losing $50.4 million on Wednesday. Since the U.S. spot Bitcoin ETF launch, aggregate net inflows for the category have reached $54.7 billion. IBIT has attracted $63.1 billion in net inflows, while GBTC has posted $27.6 billion in net outflows. Bloomberg ETF analyst Eric Balchunas pointed to a broader allocation shift, noting that gold and Bitcoin funds pulled in roughly $7 billion over the past week—"by far a record for a 5‑day period"—describing it as a "debasement trade" that has drawn attention away from AI. He added that IBIT's year-to-date flows have now turned positive after an extended outflow phase. Trading activity has also accelerated. Stephen Wundke, strategy and revenue director at Algoz Technologies, said weekly trading volume exceeded $90 billion, around double typical levels, with Bitcoin representing just under $40 billion. He added that nearly $2 billion of weekly ETF inflows matched the combined total of the prior 30 days, and said that if inflows persist through August, it could mark the strongest month since October 2025. Analysts cautioned against treating single-day ETF flows as a reliable price signal. Tim Sun, senior researcher at HashKey, told Decrypt that flow-versus-price tracking since 2024 shows a positive but modest relationship (correlation below 0.5), implying roughly a 0.4% Bitcoin move for every $100 million in net inflows. He said using one-day flows to forecast the next session's price offers limited predictive value, arguing flows are better used to confirm trends than to lead them. Sun said multi-day runs carry more weight: inflows sustained beyond five consecutive sessions typically reflect genuine spot demand. He noted the current streak follows a sharp pullback into the $60,000–$70,000 range and may indicate growing acceptance of the current price zone, suggesting a developing consensus around a temporary bottom. He placed near-term resistance near $85,000. Momentum signals are mixed. Daily inflows hit a high of $606.3 million on August 20 and have since cooled. No session during the current streak has exceeded $340 million, and Wednesday's $232.2 million was the smallest. The pattern—new money arriving in smaller increments—aligns with a market that has pushed through $80,000 while facing pressure from trapped buyers and profit-taking. Sun proposed a practical read: if inflows persist while prices stall or dip modestly, it would suggest new capital is absorbing sell-side pressure. Wundke flagged $72,000 as a key level, saying a sustained Bitcoin price above it would "give investors confidence" that pullbacks remain buying opportunities. Market focus remains on whether ETF inflows continue and at what pace, how Bitcoin behaves around $80,000 and resistance near $85,000, and whether the split between IBIT inflows and GBTC outflows persists. ETFs continue to channel meaningful capital into Bitcoin and support prices, but analysts say the signal is strongest in sustained streaks rather than single-day flow prints when assessing durable demand.