The U.S.-listed Bitcoin-tracking exchange-traded funds have finally broken their losing streak, snapping back with a positive trading session after days of heavy outflows.
Summary
- U.S.-listed Bitcoin ETFs pulled in $91.6 million in net inflows on August 6, snapping a multi-day outflow streak.
- Bitcoin is currently hovering near $115,000, down about 6.5% below its $123,000 all-time high.
- Analysts say the next key level to watch is $117,200.
According to SoSoValue data, Bitcoin ETFs pulled in approximately $91.6 million in net inflows on August 6. This marked a recovery after four straight sessions of outflows, during which the funds lost over $1.5 billion.
BlackRock’s IBIT led the charge, pulling in $42 million. Bitwise’s BITB followed with $26.4 million, while Grayscale’s GBTC logged $14.5 million in inflows. VanEck’s HODL joined the trend with more modest numbers, recording $4.1 million. However, not every fund joined the rebound, as Ark & 21Shares’ ARKB posted $5.4 million in outflows.
The funds’ four-day slump came as Bitcoin (BTC) itself struggled, slipping below the $120,000 mark after a strong rally. With money now flowing back into the ETFs, the question is whether Bitcoin’s price action will follow the same path.
Can Bitcoin reclaim $120,000?
At the time of writing, Bitcoin is hovering around $115,023, up 0.89% on the day. The asset has moved mostly sideways in recent weeks, stuck below the $115,000 mark since early August.
Bitcoin is down about 3% on the week, and approximately 6.5% from its $123,000 all-time high. The slump in price has been largely attributed to profit-taking efforts among both retail and institutional investors, who are seeking to cash out after the latest rally.
But market data shows that the selling trend is now easing. According to an August 6 Glassnode report, only 45% of recent Bitcoin offloads came from holders in profit. This suggests that the sell pressure is cooling off, and the relief is expected to help steady prices in the near term.
However, for BTC to recover and push higher, the combination of heavy institutional inflows from the ETFs and corporate buying, which served as the main catalyst of the latest rally, will need to return. While the recent ETF inflows are modest compared to July’s peak, corporate interest hasn’t cooled. More public companies continue to add BTC to their balance sheets, painting an optimistic picture.
Technically, analysts have set $117,200 as the key zone to watch. According to market watcher Rekt Capital, if Bitcoin can break above this mark and hold, it would show strength and could open the door to further gains. However, if prices keep getting rejected, it could be a sign that the rally is losing steam.
