Bitcoin ETFs snapped back with $562M inflows yesterday, handing the market a much-needed breather. After five straight days of outflows that drained over $2.7B and fueled a nasty $BTC selloff, this sudden rush of cash drove a solid 2.4% bounce, pushing price to $78.8K as trading kicked off today.
The flow details paint a clear picture of who's stepping in. BlackRock's IBIT grabbed $143M, Fidelity's FBTC led with $153M, and Bitwise's BITB chipped in $97M. ARK's ARKB added $65M while Grayscale's Mini Trust pulled $67M, leaving GBTC flat at zero. This marked the end of a brutal five-session bleed that started back on January 21 and left everyone wondering if institutions had finally tapped out.
That relief showed up fast in price action. BTC had scraped $76.9K lows on February 2 amid the MicroStrategy position flashing red and broader macro jitters, but today's inflows flipped the script. The bounce held $78K support nicely, easing those fear index spikes that had everyone on edge after late January's $1B-plus exits.
But check the chart: despite the relief rallye seen, it looks like momentum is stalling or indeed BTC and ETH already rolling over again...
So is the selling pressure finally over? It's looking promising but not locked in yet, especially with BTC/ETH topping out. These positive flows signal institutions reloading after the dip, echoing patterns we saw post-election when smart money piled back in. Sustained days of +$500M inflows could easily kill the downside and set up a retest of $85K highs. But late Jan showed rotation to risk-off assets can hit hard, so watch if ETFs start dumping again or if tomorrow's numbers fade.
Bottom in, or just a headfake before more pain? 🤔
