Bitcoin’s pullback from $87k seems to have not negatively impacted institutional investors’ sentiment. In fact, BTC Spot ETFs have recorded net inflow for six consecutive sessions.
BlackRock’s IBIT adds $166 million as inflows extend to 6 sessions
Onchain Lens reported that BlackRock’s IBIT accumulated 1.97K BTC worth $166 million from Coinbase Prime.
BlackRock’s IBIT has been aggressively accumulating. AMBCrypto earlier reported that the fund recorded over $1 billion in Inflows for four consecutive sessions.
Even after Bitcoin [BTC] dropped to $82k, investors continued to get exposure through the ETF. That said, BlackRock’s spree is not an isolated case. As this is a part of broader renewed demand from other ETFs.
In as much, BTC Spot ETFs have recorded net inflows for six consecutive sessions between September 17th and 24th. These funds recorded a total of $2.8 billion in inflows over the period.
The continued net inflows suggest that ETFs have jumped in even to buy the dips. In doing so, they absorbed market pressure.
In fact , on September 24th trading session, only WisdomTree’s (BTCW) recorded outflows, seeing $4 million in net outflows. This points to strong optimism, with investors expecting the trend to hold.
With these funds buying, they have pulled a significant share of supply on Exchanges. As a result, Exchange Netflow has remained negative for four consecutive days , coinciding ETFs inflows.
Historically, since ETFs came around in 2024, strong periods of net inflows have preceded better price performances on BTC charts.
One major hurdle remains for Bitcoin
Bitcoin ETFs are now buying, which gives hope for the market. But it does not mean all institutions are buying. US institutional investors remain adamant and , with the majority dumping.
A look at Bitcoin’s Coinbase Premium Index, the metric has remained negative for three consecutive days. At press time, CPI sat around -0.02.
With the index holding negative, it suggest most institutional investors are yet to start buying, while other cash out recent gains.
Previously, Bitcoin has relied on both ETFs recording net inflows, and Coinbase Premium index positive. We cannot confirm the transition into a bullish phase until, the two holds true.
Until then, Bitcoin will continue to fluctuate, with every uptick, followed by a pullback, as the stability lacks on this side. If it happens so, BTC will be strong enough to reclaim $87k, flip $90k, and eye to extend the rally.
Final summary
- BlackRock’s IBIT purchased 1.97K BTC worth $166 million as ETFs recorded net inflows for six consecutive sessions.
- Bitcoin’s Coinbase Premium Index still remains negative, suggesting institutions are not fully convinced.