US spot Bitcoin ETFs recorded on Thursday (3) their biggest daily net inflow since January, in another sign of returning institutional demand following an improved macroeconomic backdrop. According to SoSoValue data, the funds took in $730.9 million in a single day, with inflows heavily concentrated in BlackRock's IBIT.
The move came on the same day Bitcoin climbed back above $81,000, boosted by falling bets on a September rate hike by the Federal Reserve. The shift in sentiment followed comments from Fed governor Christopher Waller, who indicated a preference for keeping rates steady if upcoming data confirm cooling inflation.
Markets reacted immediately. The odds of a rate hike at the September meeting fell from 63.2% to 50.4% after Waller's remarks, according to CME's FedWatch tool, as cited by Reuters. Lower or steady rates favour risk assets with no yield of their own, such as Bitcoin, technology stocks and gold.
Among the ETFs, BlackRock again stood out. IBIT received about $454 million of the $731 million that flowed into Bitcoin funds on Thursday. ARKB, from Ark and 21Shares, drew roughly $138 million, while Fidelity's FBTC attracted $74 million. Grayscale products also saw inflows, according to CoinDesk.
The figure quickly reversed the pressure seen earlier in the week. On Tuesday, Bitcoin ETFs had recorded outflows of $236 million, also driven by IBIT, which accounted for about $201 million in redemptions. The same fund then led the week's biggest inflow, underscoring BlackRock's weight in reading institutional flow into BTC.
BlackRock concentrates institutional flow
For Rachael Lucas, a crypto analyst at BTC Markets, the concentration in IBIT is the main sign that the move has an institutional profile. According to her, this is the vehicle large investors use for bigger transactions, which suggests allocation flow rather than just short-term tactical positioning.
That reading is reinforced by August's performance. US Bitcoin ETFs attracted $3.5 billion last month, the best result since September 2025. Thursday's inflow was also the largest since 14 January.
The funds closed the day with $103.34 billion in net assets, equivalent to just over 6% of Bitcoin's market value. Since the launch of spot ETFs in the US in January 2024, cumulative net inflows have reached $55.44 billion.
The rally also spread to crypto-linked stocks. Strategy, the largest corporate holder of Bitcoin, rose 17.6% on Thursday. Coinbase gained about 10%, while Circle closed up 16.5%.
Jeff Mei, COO of BTSE, told The Block that Waller gave the market a kind of "green light" by signalling he could back steady rates if inflation keeps cooling. In his view, the remarks helped lift growth stocks and crypto assets.
Against that backdrop, it will be important to watch whether the ETFs can repeat significant inflows in coming sessions. A second session above $500 million would help confirm more sustained institutional demand, while a return to redemptions would suggest Thursday's inflow may have been just a one-off adjustment.
Lucas also noted that Bitcoin has been behaving differently from the pattern more commonly associated with technology stocks. According to her, the 90-day correlation between BTC and gold has risen to its highest level in six years, above 50%, while the correlation with the S&P 500 has fallen close to zero. The interpretation is that the market may be pricing Bitcoin more as a hedge against inflation and currency debasement than simply as a risk asset.
Even so, this shift needs to be confirmed over a longer period. For now, the data show a favourable combination for Bitcoin: easing rates, a weaker dollar, ETFs attracting inflows again, and institutional investors increasing exposure. The test now will be whether this flow holds up against upcoming US data.
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