BlackRock's IBIT wallets accumulated 3,441.176 BTC worth $276.7 million over 24 hours while Bitcoin held near $80,000. Institutional demand still looks weak, and the Coinbase Premium Index has stayed negative since September.
BlackRock's IBIT Bitcoin ETF wallets accumulated 3,441.176 BTC worth $276.7 million from Coinbase Prime over the past 24 hours, according to Onchain Lens. Meanwhile, Bitcoin was trading around $80,046, down 3% on weekly charts at press time.
BlackRock keeps buying in a dull market
Bitcoin has been in a downtrend since its attempted upside move collapsed at $84.9k ten days ago. Since then, it has fluctuated between $79k and $81k.
Between the 26th and 28th of October, the fund purchased $397 million in Bitcoin. Most other funds stayed calm, and in the previous session only Bitwise's BITB recorded $1.32 million in net inflows.
In total, these funds saw $137 million in daily net inflows, with BlackRock accounting for most of it. However, inflows don't directly imply that prices are guaranteed to rise.
ETFs pull Bitcoin off exchanges as netflow turns negative
With ETFs pulling Bitcoin out of exchanges over the past three days, exchange activity seems to reflect accumulation. After three positive days, spot netflow dropped into negative, around -$20 million at press time.
Institutional demand has remained weak
Even so, net inflows for three sessions don't mean institutional capital is returning. The Coinbase Premium Index has remained negative since September, which points to weak demand from U.S. investors, though it is not direct proof of institutional selling.
If demand stays weak despite ETF inflows, Bitcoin could see extended market weakness with a likely drop to $76k.
If BlackRock keeps purchasing, however, it could help Bitcoin defend $80k and eye a move towards $84k.
Source: AMBCrypto
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