Two transfers, two days apart, and suddenly a wallet linked to BlackRock's iShares Bitcoin Trust had absorbed $282 million worth of BTC. The first batch, 1,789.85 BTC valued at roughly $119 million, arrived on a Tuesday. Then on Thursday, Coinbase Prime sent another 2,469.25 BTC, worth $163.1 million, to the same address. On-chain tracker Onchain Lens flagged both movements.
Worth saying upfront: these flows don't automatically mean BlackRock was buying. Wallet activity tied to an ETF can reflect creation baskets, redemptions, or routine settlement mechanics. Still, the timing matters. Spot Bitcoin ETF flows turned positive over the past week, with five funds attracting fresh capital. IBIT itself pulled in $38 million, helping push the combined net assets of all U.S. spot Bitcoin ETFs back up to $80.36 billion.
The price, though, tells a different story. Bitcoin bounced off $62,000 and reached $66,900, then ran straight into a wall. Two consecutive daily closes came in lower, and at the time of writing BTC sat at $65,602, down about 1.15% on the day. The $66,000 level has become a recurring ceiling.
Part of the drag comes from U.S.-based demand staying soft. The Coinbase Premium Index, which compares BTC prices on Coinbase against offshore exchanges, has been negative since early May. That's nearly two months of weaker buying pressure on the American platform. It doesn't mean institutions are actively selling, but it does mean they're not chasing price the way they were earlier this year.
The Chande Momentum Oscillator backs that up. It dropped from 51 to 13 over the same period. Still above zero, so no outright reversal signal, but momentum has clearly cooled. If nothing changes, Bitcoin likely grinds between $64,000 and $66,000. A sustained pickup in ETF inflows could flip that, giving BTC a shot at reclaiming $66,000 and eventually pushing toward $70,000.
This article is for informational purposes only and does not constitute financial advice or an investment recommendation.
