Bitcoin Reclaims $80k on Heavy Spot ETF Bets
Bitcoin (BTC) price is up by about 3% to $80.3k on Thursday, slightly trailing the broader market’s 1.32% rise, driven primarily by an eighth consecutive day of institutional inflows into spot Bitcoin ETFs.
U.S. spot Bitcoin ETFs recorded $232.12 million in net inflows on August 26, marking the eighth consecutive positive session, bringing the streak’s total to $2.8 billion.
BlackRock’s IBIT led with $200.76 million, demonstrating concentrated institutional buying pressure that absorbs available supply.
This streak signals genuine spot demand, not leverage-driven speculation, providing a solid foundation for the recent rally. Analysts like HashKey’s Tim Sun note that sustained inflows beyond five days indicate a strengthening market consensus on a price floor.
Daily inflow figures; a continued decline in the size of daily purchases (from a peak of $606 million) could signal waning momentum.
Bitcoin’s 24-hour move closely tracked a 0.75% gain in the S&P 500, with a correlation coefficient of 0.76652. This suggests the move was partly fueled by a broader macro sentiment shift, possibly linked to concerns over U.S. debt and fiscal policy.
The rally also builds on last week’s historic short squeeze, where over $3 billion in bearish positions were liquidated, forcibly removing a key source of selling pressure.
Bitcoin is currently trading more as a macro-sensitive asset. The cleared leverage reduces the immediate risk of a sharp, cascading sell-off, allowing spot-driven buying to dominate.
The immediate path hinges on Bitcoin’s ability to reclaim $80,000. Key support lies at $78,000–$79,200 (recent consolidation zone and 7-day average of $77,537.
A hold above this area targets a retest of the $81,100–$81,250 resistance (recent swing high and 50-week moving average). The major near-term event is new Fed Chair Kevin Warsh’s keynote at the Jackson Hole symposium on August 30, which could dictate macro direction.
The structure remains bullish but is testing a critical resistance area after a rapid 25% monthly gain. The market is in a consolidation phase, awaiting the next catalyst. A failure to break higher with conviction could invite profit-taking.
Bitcoin’s rise is underpinned by verifiable institutional accumulation through ETFs, giving the rally more durability than one driven solely by leverage. However, overbought technical readings and a key macro event ahead introduce near-term uncertainty. Ethereum Climbs on Extended Rally Amid Glamsterdam Alert
