Overview
- U.S. spot Bitcoin ETFs posted about $202 million in net outflows on Aug. 28, ending a nine‑day inflow streak that had brought roughly $3 billion into the market.
- BlackRock’s IBIT has been the dominant buyer during the rally but recorded about $33.4 million in client redemptions that required the fund to sell spot Bitcoin to meet payouts.
- Bitcoin slid into the $77,000–$79,000 range and is testing immediate technical support at the rising channel lower boundary and the 50‑period moving average near $77,800, where a sustained close below would damage the post‑rally structure.
- Ethereum spot ETFs kept drawing capital while Bitcoin funds reversed, with Ethereum products logging a 10‑day inflow run totaling about $1.42 billion and BlackRock’s ETHA supplying the bulk of that demand.
- On‑chain signals show mixed risks: roughly 14 million BTC are in profit and exchange reserves have risen, which raises the chance of profit‑taking unless continued concentrated ETF demand absorbs selling pressure and stabilizes markets.