BlackRock IBIT Adds 3,441 BTC as Bitcoin Holds Near $80K
BlackRock's IBIT absorbed 3,441 BTC worth $276.7 million from Coinbase Prime in 24 hours, nearly alone among ETFs, while Bitcoin clings to $80K. A loss of the $79.2K-$79.5K lows opens the $75K-$78K demand zone.
BTC sat at $80,046 at press time, down 3% on the week. IBIT did not wait for a bounce. BlackRock's IBIT wallets took in 3,441.176 BTC, worth $276.7 million, from Coinbase Prime over the past 24 hours, according to Onchain Lens.
Onchain Lens flagged the accumulation in a post on X.
The fund bought $397 million in Bitcoin between Oct. 26 and Oct. 28, with inflows on three straight sessions. Total daily net ETF inflows in the previous session came to $137 million, most of it from BlackRock. Bitwise's BITB was the only other fund with net inflows, at $1.32 million.
Price action stays weak. BTC has trended lower since an upside attempt failed at $84.9K ten days earlier. It has ranged between $79K and $81K since. On the daily chart, it keeps printing lower highs after rejection from the $85.5K-$90.5K supply zone. The latest rebound stalled at $81.5K-$82K before price slid back toward $80K.
Levels to watch
On the 4-hour chart, immediate demand sits at $78.4K-$79.6K, with the next zone near $75K-$76.3K. Resistance: $84.2K-$84.9K, then $86K-$87.2K.
The trigger is clear. A daily close below the ascending channel midpoint, plus a loss of the $79.2K-$79.5K lows, would favor a move into the $75K-$78K demand zone.
Demand signals are mixed
Spot Netflow turned negative after three positive days, around -$20 million at press time. The Coinbase Premium Index has been negative since September, a read on weak U.S. institutional demand. Past stretches with similar premium conditions saw further declines.
Two paths from here. Weak demand opens a drop to $76K. Continued BlackRock buying could help BTC defend $80K and eye $84K. Neither is guaranteed by flows: inflows do not mean prices must rise, and the IBIT buying alone does not signal a return of institutional capital.
Whale data cuts both ways. Big-whale spot order readings were frequent during October's retreat, but average order size cannot show whether those trades were buys or sells. They could point to distribution. Similar activity also appeared before the June-August rally.
What it means
IBIT is carrying the bid almost alone. BlackRock made up most of a $137 million inflow day; one other fund added $1.32 million. That concentration is the story. BlackRock has also been widening its bitcoin lineup, having filed for a third bitcoin ETF with downside protection earlier this month. For now, $79.2K-$79.5K is the line between a range and a push into the $75K-$78K demand zone.
