U.S. spot Bitcoin ETFs log eight straight sessions of inflows, bringing total to $2.8B

U.S. spot Bitcoin exchange-traded funds extended their winning streak to eight consecutive trading days, drawing a combined $2.8 billion of net inflows, according to CoinDesk. As money returned to the category, Bitcoin climbed to $80,475 before easing back to around $79,520, reinforcing near-term momentum as traders assess whether demand can remain firm. BlackRock's iShares Bitcoin Trust (IBIT) dominated the latest run of inflows. Data from Farside Investors shows IBIT took in $2.02 billion during the streak, roughly 72% of the total. Grayscale's GBTC continued to bleed assets, posting $50.4 million of net outflows on Wednesday alone. Since the U.S. spot Bitcoin ETF launch, performance dispersion across products has remained pronounced. On a cumulative basis, the market has logged about $54.7 billion in net inflows, with IBIT showing cumulative inflows of $63.1 billion. GBTC, by contrast, has recorded cumulative outflows of $27.6 billion. Daily intake has cooled even as the streak persists. Net inflows on Wednesday totaled $232.2 million, down from the recent peak of $606.3 million on Aug. 20. Since that high, daily inflows have not topped $340 million, making Wednesday one of the softer prints in the current stretch. HashKey senior researcher Tim Sun cautioned against over-weighting day-to-day ETF flow data when reading the market. He said 2024 flows have been positively correlated with Bitcoin prices, but the relationship is weak, leaving ETF flows better suited to confirming broader trends than serving as a short-term leading indicator. Sun added that inflow streaks lasting more than five trading days tend to carry more significance, often signaling a sustained recovery in spot demand. He noted the latest inflows followed Bitcoin's consolidation between $60,000 and $70,000, suggesting ETF-channel buyers are increasingly comfortable with the current price range. Stephen Wundke, head of strategy and revenue at Algoz Technologies, said trading volume over the past week topped $90 billion, about double the average, with Bitcoin contributing nearly $40 billion. He also pointed to both overhang from previously trapped positions and profit-taking as prices pushed above $80,000, with $85,000 likely the next key resistance level.