Bitcoin Flirts With $80,000 as U.S. Spot ETFs Extend Inflow Streak to $2.8B; BlackRock's IBIT Dominates

Bitcoin traded near $79,520 on Thursday after touching an intraday peak of $80,475, as U.S. spot Bitcoin ETFs logged a fresh day of net inflows, stretching the run to eight consecutive sessions and $2.8 billion in total additions, according to Farside Investors. Flows remained heavily concentrated in BlackRock's iShares Bitcoin Trust (IBIT), which brought in $2.02 billion over the eight-day stretch, about 72% of the total. Grayscale's GBTC went the other direction, posting net outflows during the period, including a $50.4 million redemption on Wednesday. Since the spot ETF launch, cumulative net inflows for the category are reported at $54.7 billion. IBIT is up $63.1 billion, while GBTC stands at $27.6 billion. Bloomberg ETF analyst Eric Balchunas said gold and Bitcoin funds collectively attracted about $7 billion over the past week, a record for a five-day window, and argued that "debasement" positioning tied to inflation and monetary concerns is pulling capital away from AI-linked trades. He also noted that IBIT has moved back into positive year-to-date flows after an extended period of outflows. On activity, Algoz Technologies' Stephen Wundke said weekly crypto trading volumes rose above $90 billion, roughly double typical levels, with Bitcoin just under $40 billion. He added that weekly ETF inflows of nearly $2 billion roughly matched the prior 30 days combined; if August holds, it could be the strongest month by this measure since October 2025. The pace of inflows has cooled from earlier highs. The largest single-day intake was $606.3 million on Aug. 20. None of the more recent sessions topped $340 million, and Wednesday's $232.2 million was the smallest of the eight-day streak. HashKey senior researcher Tim Sun cautioned against reading too much into daily ETF prints. His work suggests a positive but modest long-term relationship between flows and price (correlation coefficient below 0.5), equating to roughly a 0.4% Bitcoin move for each $100 million of net inflow. Sun characterized ETF flows as better for confirming trends than forecasting day-to-day price swings. Sun said streaks lasting more than five days are more informative because they point to "sustained spot demand." He noted the current run follows a sharp correction from the $60,000–$70,000 range, arguing that ETF buyers appear increasingly comfortable with the new trading band and that views around a near-term bottom may be solidifying. He sees resistance near $85,000. A key test, Sun added, is whether inflows continue if prices pause or dip slightly, which would suggest new money is absorbing selling pressure rather than chasing momentum. Bitcoin's retreat back below $80,000 on Thursday offered an early signal, though full-day flow data were not available at the time of reporting. Wundke said a sustained hold above $72,000 would likely reinforce the view that pullbacks remain buyable. Institutional demand via spot ETFs continues to shape Bitcoin's price action, with IBIT taking the bulk of new capital. The streak underscores firmer acceptance of current price levels, even as analysts note that inflow intensity has eased and daily figures are not a reliable short-term trading signal.