Bitcoin (BTC) Price: BlackRock Buys $289M as ETF Inflows Hit Two-Week High

TLDR

• Bitcoin dropped below $67,000 on Thursday as risk-off sentiment hit Wall Street
• U.S. spot Bitcoin ETFs recorded $506 million in daily inflows, the highest in two weeks
• BlackRock bought roughly 4,309 BTC worth $289.6 million within one hour
• Nearly 20,000 wallets now hold 100+ BTC, with Santiment calling it a “bullish sign”
• Despite strong ETF buying, profit-taking has kept Bitcoin stalled below $70,000

Bitcoin slipped back below $67,000 on Thursday after a strong Wednesday session that saw the crypto gain more than 6%.

The pullback came as Wall Street turned lower, with Nvidia’s strong earnings failing to lift tech stocks. Risk-off sentiment spread to speculative assets, including crypto.

Bitcoin was trading around $66,900 at the time of writing, down roughly 1.6% on the day according to TradingView.

Wednesday’s gains were driven largely by bargain buying following a near 50% drop from Bitcoin’s October all-time high. Short sellers were also caught off guard, triggering a short squeeze.

Data from Coinglass showed $468.7 million in short positions liquidated in a 24-hour window.

Despite the price dip on Thursday, institutional buying picked up sharply. U.S. spot Bitcoin ETFs recorded $506.51 million in net inflows on February 25, the highest single-day figure in two weeks, according to SoSoValue.

ETF Inflows Surge

BlackRock’s IBIT led all funds with $297.37 million in net inflows. Fidelity’s FBTC added $30.09 million, while Grayscale’s GBTC brought in $102.49 million. Bitwise’s BITB posted $39.37 million.

BlackRock also made a large direct purchase on February 26, buying around 4,309 BTC worth approximately $289.6 million within a single hour. The transfers moved from Coinbase Prime hot wallets to IBIT wallets.

Bloomberg ETF analyst Eric Balchunas noted the demand was timely after weeks of continuous outflows, but said it remains unclear whether this marks the start of a sustained recovery or a short-term rebound.

Wallet Data Offers a Bullish Signal

Crypto analytics platform Santiment flagged that there were 19,993 unique wallets holding 100 BTC or more as of Thursday, just seven short of the 20,000 milestone.

On-chain analytics firm Glassnode said profit-taking has stalled every recovery attempt below $70,000 since the start of February.

The Coinmarketcap fear and greed index remained at “extreme fear” as of Thursday, unchanged from earlier in the week.

Bitcoin is down approximately 24.59% over the past 30 days and around 47% from its October all-time high.

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