Bitcoin ETFs Pull $731M in Biggest Haul Since January

US spot bitcoin exchange-traded funds pulled in $730.9 million on Thursday, their biggest single-day haul in nearly eight months, as bitcoin climbed back above $80,000.

Largest daily haul since january

The net inflows were the largest since Jan. 14, when the funds took in $843.6 million, according to SoSoValue data.

Thursday’s buying followed $101.2 million in inflows the previous day, and arrived as bitcoin reclaimed the $80,000 level after a week spent between roughly $76,000 and $81,000, CoinGecko data shows.

BlackRock leads the buying

BlackRock’s iShares Bitcoin Trust accounted for about 62% of the day’s total with $454 million, according to Farside Investors.

That still fell short of the $503 million IBIT absorbed on its own as recently as Aug. 20.

ARK 21Shares’ ARKB followed with $137.7 million, and Fidelity’s Wise Origin Bitcoin Fund added $74.4 million.

VanEck’s HODL and WisdomTree’s BTCW were the only two funds in the red, shedding $19.6 million and $5.2 million respectively.

Short covering, not fresh demand

CryptoQuant struck a more cautious tone in a Thursday report, saying the move up came mostly from traders closing short positions rather than opening new longs.

Holders realized 23,000 BTC in net profits on Aug. 21, the highest daily figure of the year, and roughly 110,000 BTC in total since Aug. 19.

The firm placed bitcoin’s 365-day moving average near $82,300, a level it says has historically separated bull markets from bear markets.

Bitcoin touched $81,400 on Aug. 28 before slipping back below it.

CryptoQuant said:

“A decisive close above $83K would confirm the new bull market.”