Bitcoin closed lower for a second straight session after rejection at $82,000, even as Morgan Stanley's spot Bitcoin ETF kept buying. The fund pulled another 94.56 BTC from Coinbase Prime while broader ETF inflows and exchange outflows pointed to continued institutional demand.
Bitcoin traded around $79,621, down 1.6% on the day, after falling to $78,000 and recovering slightly. Trading volume also declined 18%, reflecting slower market activity. Yet institutional investors kept accumulating even as price momentum weakened.
Morgan Stanley keeps buying Bitcoin
According to Onchain Lens, Morgan Stanley's MSBT Bitcoin ETF withdrew another 94.56 BTC from Coinbase Prime, a purchase worth $7.54 million. Over four days, the ETF received 355.33 BTC, valued at approximately $28.3 million.
That accumulation aligned with stronger demand across the broader ETF market. Spot Bitcoin ETFs recorded net inflows for three consecutive days, and the latest session attracted $174 million. Bitcoin's Coinbase Premium Index also turned positive on September 4 after remaining negative for one week, suggesting stronger buying pressure from Coinbase investors relative to Binance traders.
Bitcoin previously climbed toward $82,000 when daily ETF inflows exceeded $700 million. However, the latest inflows were considerably smaller. Sustained demand could still support another recovery attempt.
Can ETF demand push Bitcoin back to $82,000?
Institutional accumulation coincided with substantial BTC withdrawals from exchanges, reducing immediately available supply. Bitcoin's Exchange Netflow reached -6,200 BTC on September 4 before later standing at -1,200 BTC.
Both readings indicated net exchange outflows, though the latest figure showed the outflow pace had weakened. Even so, reduced exchange supply could support Bitcoin if institutional demand persists. The Momentum Shift Indicator also suggested that Bitcoin's broader bullish structure remained intact, so the asset could reclaim $80,000 before retesting the $82,000 rejection level.
A decisive move above that resistance could create room for further gains. Continued macroeconomic pressure, however, may extend the correction, and in that scenario $76,200 could become Bitcoin's next support. The bigger test is whether steady institutional absorption can overcome weakening short-term participation.
Source: AMBCrypto
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