|
Getting your Trinity Audio player ready...
|
- BlackRock-linked wallets accumulated 3,620 BTC worth about $282 million as Bitcoin consolidated near $79,000.
- Spot Bitcoin ETFs recorded $232 million in net inflows on August 26, with BlackRock contributing about $200 million.
- BTC needs to reclaim $81,000 to strengthen the bullish setup, with $84,000 emerging as a potential next target.
Bitcoin is facing a key test after a sharp rebound lost momentum near $81,265. BTC dropped to $77,601 before stabilizing between $78,000 and $79,000, leaving traders watching whether the latest consolidation becomes a launchpad for another move higher or a sign of renewed selling pressure.
At press time, Bitcoin was trading around $78,825, down 0.32%. The pullback came after BTC had gained 13% on the daily chart, highlighting the extent of the recent recovery. While short-term momentum has cooled, institutional buying and declining exchange balances are providing support for the broader bullish case.
BlackRock-Linked Wallets Accumulate Bitcoin
Institutional demand has strengthened as Bitcoin consolidated near $78,000. Wallets linked to BlackRock’s Bitcoin ETF accumulated 3,620 BTC valued at about $282 million through Coinbase Prime.
The buying coincided with continued inflows into BlackRock’s iShares Bitcoin Trust (IBIT), which recorded net inflows for five straight days. Broader spot Bitcoin ETF demand also improved.
On August 26, U.S. spot Bitcoin ETFs posted approximately $232 million in combined net inflows. BlackRock accounted for about $200 million of that total, making it the dominant contributor.
Another signal came from the Coinbase Premium Gap. After remaining negative for months, the indicator turned positive for the first time since May, according to CryptoQuant. A positive reading generally points to stronger Bitcoin demand on Coinbase compared with Binance and can indicate improving U.S. buying activity.
Bitcoin Exchange Supply Continues to Fall
Institutional accumulation is being reinforced by Bitcoin’s declining availability on exchanges.
Exchange netflow remained negative for five consecutive days, meaning more BTC was being withdrawn than deposited. Persistent withdrawals can reduce the amount of Bitcoin immediately available for trading and potentially strengthen the impact of renewed demand.
However, falling exchange balances alone do not guarantee a rally. Bitcoin still needs sustained spot-market buying to turn tighter exchange supply into a decisive breakout.
Can BTC Reclaim $81,000?
Technical indicators currently lean bullish. Bitcoin’s Aroon Oscillator climbed to 78, suggesting buyers remain in control of the prevailing trend. The Trend Strength Index also continued moving higher, adding to evidence that momentum has not fully reversed.
A sustained move above $81,000 would strengthen the recovery and could put the $84,000 area in focus, a level associated with the market’s January breakdown.
For now, Bitcoin remains at a decision point. Stronger U.S. demand, ETF inflows and continued exchange outflows could support another breakout attempt, but failure to reclaim $81,000 would leave the market vulnerable to another test of lower support.
Also Read: Bitcoin Crash: 5 Reasons BlackRock Still Sees Long-Term Potential for BTC
Bitcoin’s consolidation near $79,000 is unfolding alongside renewed institutional accumulation and improving demand signals. BlackRock-linked buying, positive Coinbase premium data and persistent exchange outflows provide a constructive backdrop, but BTC still needs a convincing break above $81,000 to confirm that buyers have regained control.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
