The U.S. spot Bitcoin ETF has seen a net inflow of $2.8 billion for eight consecutive days

The U.S. spot Bitcoin ETF has recorded net inflows for eight consecutive trading days, totaling $2.8 billion. Bitcoin traded around $79,520 on Thursday, rising 1.1% in the past 24 hours, and at one point reached a high of $80,475.

BlackRock's IBIT contributed $2.02 billion of this, accounting for 72% of the total inflow; Grayscale's GBTC, on the other hand, saw net outflows during the same period, with $50.4 million flowing out on Wednesday alone. Bloomberg ETF analyst Eric Balchunas stated on Twitter that in the past week, gold and Bitcoin ETFs combined saw inflows of $7 billion, setting a record for a five-day period, and noted that IBIT's inflows have turned positive year-to-date.

HashKey senior researcher Tim Sun indicated that continuous inflows for over five trading days signify sustained spot demand, with the current trend occurring after a significant pullback in the $60,000 to $70,000 range. However, daily inflows have decreased from a peak of $606.3 million on August 20, with Wednesday's $232.2 million being the lowest during this period, showing that marginal buying power is weakening. Stephen Wundke from Algoz Technologies mentioned that weekly trading volume surpassed $90 billion, about twice the average level.