Bitcoin ETF Breaks Record With $754 Million Inflow as Buying Pressure Sends BTC Price Up 5%

Key Insights:

• Bitcoin ETF inflows reached $754 million, making it the second-best weekly inflow of the year.
• Market analysts are still debating whether Bitcoin has found a bottom near $60,000.
• BTC price remains below the short-term holder cost basis of $67,523.

Bitcoin ETF buying rose sharply this week, with 11,792 BTC worth about $754 million moving into ETF provider wallets. The figure was the second-best weekly inflow of the year, giving the market a fresh sign of demand while BTC price remained below the short-term holder cost basis.

However, readers should note that technical projections are speculative in nature and may not accurately reflect future market behavior. This article should not be treated as personalized investment advice and is for informational purposes only.

Investors must exercise due diligence or get professional guidance while making their investment plans, as the crypto market often goes through highly volatile trading.

Bitcoin ETF Inflow Hits $754 Million

Bitcoin ETF wallets took in 11,792 BTC during the week, according to market analyst Darkfost. The coins were worth about $754 million at the prices used in the post. That made the week the second-best for ETF inflows this year.

The latest buying marks a clear change from the recent trend. ETF flows had been mostly negative since May. It also means that a large amount of Bitcoin was bought through spot ETFs during the week.

The inflow comes as traders watch the next move in BTC price. Strong ETF buying can show that investors are still willing to buy Bitcoin, even after a period of weak flows. However, one strong week does not settle the direction of the market.

The $754 million figure is also important because ETF activity has become a closely watched part of the Bitcoin market. If buying continues, it could give Bitcoin more support. If flows turn negative again, the recent increase in demand may prove short-lived.

For now, the main point is that Bitcoin ETF demand improved at a time when the market had seen weeks of poor flows.

Has Bitcoin (BTC) Price Bottomed?

Market analyst Astronomer continues to point to a $60,000 bottom call made in February amid the regaining momentum of the Bitcoin ETF segment. Back then, the view received heavy criticism. More recently, even reminders of the $60,000 target have faced strong pushback.

Some traders who were once calling for a deeper fall are now talking about a July rally, swing trades, and much higher prices. Astronomer does not think the market needs extremely negative sentiment to form a bottom. Instead, the analyst says boredom can be part of the process. This happens when price moves slowly, and traders begin to lose interest.

It is worth noting the view fits the current market, according to Astronomer. Bitcoin has been moving within a range, while sentiment has shifted. The analyst believes this can wear out traders and help set up a bottom.

Still, the $60,000 level remains a market call, not a confirmed bottom. The current ETF buying is encouraging for Bitcoin bulls, but it does not prove that Bitcoin cannot fall again.

Bitcoin Short Term Holder Pressure

Axel Adler Jr said BTC price was trading below the short-term holder cost basis on August 8. Bitcoin was trading at $64,952, while the short-term holder Realized Price was $67,523, CoinMarketCap data showed. That put BTC price $2,571, or 3.8%, below the level. Adler said this was the narrowest gap since July 21.

Short-term holders are people holding coins for less than 155 days. Their Realized Price shows the average level at which those coins were acquired. With Bitcoin below that level, newer holders are, on average, sitting below their buying price.

Adler also noted that Bitcoin had closed below the short-term holder Realized Price 279 times in the past 284 days. He expects some short-term holders to sell as they try to get back to their buying price.

That leaves the market with two different signals. Bitcoin ETF flows show strong buying during the week, while short-term holders are facing pressure below their cost basis. The next moves in BTC price will show whether ETF demand can keep up with selling pressure from recent buyers. For now, both sides remain important as Bitcoin trades below $67,523.

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