Yesterday I said not to guess the bottom yet, and today ETFs gave a clearer answer
I was still watching the ETF flows of $BTC yesterday, because in the past few days they kept swinging between inflows and outflows, making it hard to say whether institutions had really started stepping in. After the latest data came out, that judgment needs a slight adjustment in a more positive direction: on September 3, U.S. spot BTC ETFs saw net inflows of about $731 million, the highest single-day level since January.
What made me look twice was not the $731 million itself, but BlackRock’s IBIT. On the prior clear outflow day, it sold about $201 million; this time, it net bought back $454 million. Meanwhile, BTC has climbed back above $81,000.
So when I said two days ago that $78,000 still could not be considered an institutional bottom, I need to revise that: at least the first round of institutional support has now appeared. But I won’t chase just because one day saw $700 million of inflows; what really matters is whether it can continue.
If the ETFs can maintain large net inflows in the next trading session, while BTC holds above $80,000, I will further raise my view of this rebound. If it quickly flips back to large outflows, then it is still just a tug-of-war over capital.$BTC
I was still watching the ETF flows of $BTC yesterday, because in the past few days they kept swinging between inflows and outflows, making it hard to say whether institutions had really started stepping in. After the latest data came out, that judgment needs a slight adjustment in a more positive direction: on September 3, U.S. spot BTC ETFs saw net inflows of about $731 million, the highest single-day level since January.
What made me look twice was not the $731 million itself, but BlackRock’s IBIT. On the prior clear outflow day, it sold about $201 million; this time, it net bought back $454 million. Meanwhile, BTC has climbed back above $81,000.
So when I said two days ago that $78,000 still could not be considered an institutional bottom, I need to revise that: at least the first round of institutional support has now appeared. But I won’t chase just because one day saw $700 million of inflows; what really matters is whether it can continue.
If the ETFs can maintain large net inflows in the next trading session, while BTC holds above $80,000, I will further raise my view of this rebound. If it quickly flips back to large outflows, then it is still just a tug-of-war over capital.$BTC