Bitcoin ETFs Pull $731M as Traders Watch for a Local Top

US spot Bitcoin exchange traded funds pulled in a massive $731 million in net inflows, marking their strongest single day performance since January. BlackRock led the charge with $454 million, followed by strong contributions from Ark and 21Shares, as well as Fidelity. Total net assets for these funds now sit above $103 billion.

While the heavy buying pushed Bitcoin up by over 4 percent to trade near $81,130, some analysts are urging caution. Historical patterns show that when daily inflows cross the $700 million mark, Bitcoin has often formed a local price peak shortly afterward. At the same time, derivatives activity is picking up on major exchanges, and traders are debating whether the broader bear market is finally losing steam.

Technically, Bitcoin recently moved back above its weekly exponential moving average ribbon, which is a positive sign for the bulls. Market participants are watching to see if the asset can hold these gains above $78,000 on weekly closes. If support holds, the next major target to watch sits near $95,000, but a slip below the ribbon could quickly invalidate the current recovery.