Bitcoin Bulls Are Back? ETFs Pull Over $730 Million as BTC Surges Above $82,000 and Fed Rate-Hike Bets Fade

Spot Bitcoin exchange-traded funds pulled in over $730 million on Thursday, the third-largest daily inflow of the year, as the apex cryptocurrency surged past $82,000.BlackRock Leads BTC PurchasesBlackRock’s iShares Bitcoin Trust ), the world’s largest cryptocurrency-focused fund, alone accounted for nearly $454 million, according to data from SoSo Value.The two largest single-day inflows previously occurred on consecutive days in January, peaking at $843 million on Jan. 14.Cumulative net inflows into U.S.-based Bitcoin ETFs have now reached $55.44 billion, with . A third straight week of net ETF inflows is on the table if this week finishes positive. Read Also: Bitcoin Rally Drives Institutional InterestThe surge in institutional interest coincided with Bitcoin’s ongoing momentum. The apex cryptocurrency climbed above $82,000 on Thursday and has jumped over 26% over the month.Bitcoin’s open interest spiked 6.61% in the last 24 hours, according to Coinglass, suggesting increased speculative activity.Scott Melker, a widely followed cryptocurrency analyst, flagging $82,814 as a pivotal level for a potential trend shift.“A close above $82,814 would make the first higher high and officially kill the bearish trend and most bear arguments from a technical perspective,” Melker projected.bitcoin:native WEEKLYIt is time to pay attention.A close above $82,814 would make the first higher high and officially kill the bearish trend and most bear arguments from a technical perspective.It would also confirm a close above the 50 MA. The latest spike followed dovish signals from the Federal Reserve, as the CME FedWatch tool showed odds of a September rate hike dropping to 50.2% from 57% a week ago.Price Action: At the time of writing, BTC was exchanging hands at $80,665.41, up 3.93% in the last 24 hours, according to data from Benzinga Pro.IBIT shares were up 0.86% in Friday’s pre-market trading after closing 5.85% higher at $46.35 on Thursday.According to Benzinga’s Edge Stock Rankings, IBIT maintains a stronger price trend in the short and medium term, though it has lagged over the longer term.https://www.benzinga.com/quote/IBIT Read Also: Eric Trump Says Our Mission Hasn't Changed as American Bitcoin Marks One Year of Going Public, but ABTC Stock Got Battered Photo courtesy: Shutterstock