BlackRock linked ETF wallets accumulate 3.62K BTC – Can Bitcoin clear $81K?

Bitcoin faced rejection at $81,265 before falling to a low of $77,601. Since then, BTC has hovered between $78,000 and $79,000, placing the market at a decision point.

At press time, Bitcoin traded near $78,825 after declining by 0.32%. Before the pullback, BTC had risen 13% on the daily chart.

The cooldown offered institutional investors another opportunity to accumulate.

Why are BlackRock-linked wallets buying Bitcoin?

As Bitcoin [BTC] consolidated around $78,000, institutional demand strengthened.

BlackRock-linked ETF wallets accumulated 3,620 BTC worth $282 million from Coinbase Prime. BlackRock’s IBIT also recorded Net Inflows for five consecutive days. That trend extended across Spot Bitcoin ETFs.

On the 26th of August, Spot Bitcoin ETFs recorded $232 million in Net Inflows. BlackRock led with $200 million. These Net Inflows suggested that institutional sentiment was beginning to improve.

Previously, institutional investors, especially corporate treasuries, had sold aggressively as losses increased.

AMBCrypto earlier reported that the Coinbase Premium Index remained negative for months. However, the Coinbase Premium Gap turned positive for the first time since May, according to CryptoQuant.