Bitcoin ETFs pulled in $651.93 million over the first two trading days of this week. That is already more than a third of last week’s $1.92 billion total. And it happened while BTC spent most of the session consolidating near $78,800. Thursday’s 0.09% dip is not the story. The flow pace is.
ETF demand is off to a fast start
According to SoSoValue, August 24 brought $337.56 million, and August 25 added $314.37 million. BlackRock’s IBIT led again at $284.42 million on that second day. Cumulative net inflows for all Bitcoin ETFs now sit at $54.36 billion. Total net assets are just under $99.05 billion, so the $100 billion mark is within reach.
Last week was already strong: $1.92 billion in flows, the best since October 2025, when Bitcoin set its all-time high above $126,000. If this week simply matches last week’s pace, the total could land north of $1.6 billion by Friday.
Price structure remains bullish, but it is a test
BTC has been climbing inside a rising channel since August 20. It touched $81,233 on August 25, then pulled back through a small descending pattern. Right now, price is sitting just under the 20-day EMA at $78,958.55. The 50-day EMA at $78,753.69 is almost exactly where BTC is trading, so this is an active test.
The Parabolic SAR sits at $77,992.63, still below price. That keeps the short-term trend bullish. The 100-day and 200-day EMAs at $77,613.85 and $74,764.85 are lower, which gives the setup room if the pullback deepens. The channel’s lower boundary is near $75,000; the upper end is near $84,000.
The concentration in IBIT is worth watching
Here is the part that worries me. On August 25, IBIT accounted for $284.42 million of the day’s $314.37 million total. That is over 90% of the flows. Headlines often just report the aggregate, so this concentration gets lost. A record week built mostly on one fund is not the same signal as broad demand across Fidelity, Bitwise, and the rest.
If IBIT slows even a little, the weekly total falls quickly. That would not necessarily break the bullish price structure, but it would change the interpretation of this week’s flows. Check Wednesday’s split by ticker, not just the daily total.
Sentiment and macro caution
The Crypto Fear and Greed Index is at 65, in Greed territory, down from 74 the day before. A week ago it was 46, and a month ago it was 30. That swing tracks Bitcoin’s move from the low $60,000s to above $81,000.
Analyst Ben Cowen told Cointelegraph that he started buying Bitcoin in July when it dipped below $60,000. But he still sees a real chance of one more sell-off before year-end. He is watching for a 10-20% S&P 500 pullback as the more likely trigger, not a big crash. If BTC holds above $60,000 through the rest of 2026, he says he would stop being bearish heading into 2027.
So the setup is bullish, but not without caution. The next few days of ETF data, especially the IBIT share, could say more than the next few candles.
