U.S. spot bitcoin ETFs drew $346.9 million on , extending an inflow streak that began . Bitcoin dipped to about $83,200 early Thursday as Treasury yields hit a 19-year high.
Money has been flowing into U.S. bitcoin exchange-traded funds all week. Bitcoin has been falling.
The spot funds took in $346.9 million on , their fifth consecutive day of net inflows. The run began with $159.5 million on and built to $433.0 million on , $999.0 million on and $714.7 million on . Over five sessions, that comes to about $2.65 billion, more than three times the roughly $746 million that left the funds on and .
The price has not followed. Bitcoin traded above $87,000 earlier in the week, its highest since late January. It fell to about $83,200 in Asian trading on Thursday before recovering, and stood at about $84,070 at 2:17 p.m. Eastern. Ether was near $2,676 and Solana near $115.
The slide has coincided with a jump in interest rates. The 10-year Treasury yield rose to its highest level since 2007 on Thursday, and futures traders raised their odds of another Federal Reserve rate increase in October. Higher yields raise the return investors can earn without owning an asset like bitcoin, which pays no income.
A market that falls while its most visible buyers keep adding suggests the selling is coming from somewhere else, whether traders unwinding leveraged positions, longer-term holders taking profits or both. ETF inflows show demand from one group of investors. They do not set the price on their own.
Traders on Kalshi are not betting on a quick rebound. A contract that pays out if bitcoin touches $87,500 before the end of September priced a 34% chance on Thursday, unchanged from the morning.
Friday adds a test. About $16 billion of bitcoin options on Deribit expire in the quarterly settlement, which can move hedging activity in the days around it.
The next few flow reports will show which side has more staying power. A sixth and seventh day of inflows through the options expiration would suggest the ETF buyers are absorbing the rate-driven selling. A first day of outflows, with yields still near 19-year highs, would mean the one steady source of demand in the market has started to step back.