U.S. spot Bitcoin ETFs draw $2.8 billion in eight-day streak

U.S. spot Bitcoin ETFs attracted $2.8 billion across eight consecutive trading sessions. Bitcoin traded around $79,520 on Thursday. Bitcoin rose 1.1% over the previous day. Bitcoin reached an intraday high of $80,475. BlackRock's IBIT accounted for $2.02 billion of the ETF inflows. IBIT represented 72% of the total. Grayscale's GBTC recorded a $50.4 million net outflow on Wednesday. Cumulative net inflows for the ETFs reached $54.7 billion. IBIT attracted $63.1 billion over that period. GBTC recorded $27.6 billion in net outflows over that period. Bloomberg ETF analyst Eric Balchunas said gold and Bitcoin funds attracted a combined $7 billion over the past week. Balchunas called the amount a record for a five-day period. Balchunas attributed the surge to a debasement trade that was drawing attention from artificial intelligence. Stephen Wundke of Algoz Technologies said weekly trading volume exceeded $90 billion. Wundke said Bitcoin accounted for just under $40 billion of that volume. Wundke said weekly ETF inflows of nearly $2 billion matched the combined inflows from the previous 30 days. Wundke said August would be the best month since October 2025 if the inflows continued. HashKey senior researcher Tim Sun said sustained inflows beyond five consecutive days signal sustained spot demand. Sun said the current streak followed a correction in the $60,000 to $70,000 range. Sun said ETF capital showed greater acceptance of the current price range. Sun said market consensus was strengthening around a temporary bottom. Sun said the long-term correlation between ETF flows and prices was positive but had a coefficient below 0.5. Sun estimated that each $100 million of net inflows corresponded to roughly a 0.4% price move. Sun said single-day ETF flows had limited power to predict Bitcoin's price on the next trading day. Inflows peaked at $606.3 million on August 20. No session since then recorded more than $340 million in inflows. Wednesday's inflow was $232.2 million. Sun said new money was still entering while the marginal strength of buying was weakening. Sun placed a resistance zone near $85,000. Sun said prices stalling or dipping slightly while inflows continued would show that new capital was absorbing selling. Bitcoin later slipped back below $80,000 on Thursday. Thursday's flow figures were not yet available. Wundke said holding above $72,000 would give investors confidence that pullbacks were buying opportunities.