US spot bitcoin exchange-traded funds recorded their strongest single-day net inflows since 14 January, attracting $730.9m on Thursday as investors responded to signs of a more supportive macroeconomic environment.
BlackRock’s IBIT fund accounted for about $454m of the total, according to data from SoSoValue. Six other funds, including products operated by Fidelity and Grayscale, also registered net inflows.
The latest figure follows the funds’ strongest monthly performance since September 2025. In total, US bitcoin ETFs received $3.5bn during the previous month.
Rachael Lucas, a crypto analyst at BTC Markets, said the scale of Thursday’s investment suggested institutional investors were increasing their exposure to bitcoin.
“The concentration in IBIT is the tell,” Lucas said. “That is the wrapper institutions use for size, which points to allocation flow rather than tactical positioning.”
Market analysts linked the renewed interest to comments from Federal Reserve Governor Christopher Waller, who indicated that he would be inclined to keep interest rates unchanged if inflation continued to ease.
Jeff Mei, chief operating officer at BTSE, said Waller’s remarks had provided an important boost to both growth stocks and cryptocurrencies.
“Fed Governor Waller basically gave the market a green light; he said he’s inclined to hold rates steady if inflation keeps cooling, which sent growth stocks and crypto flying,” Mei told The Block.
The comments came after an expansion of the US Treasury’s buyback programme triggered a rally across cryptocurrency markets in mid-August. However, analysts said a sustained move higher would require further evidence of improving economic conditions.
The wider crypto market also benefited from the latest shift in sentiment. Strategy rose 17.6% to $144.80 on Thursday, while Coinbase gained 10% to close at $192.70. Circle finished the session 16.5% higher at $103.23, according to The Block’s crypto stocks data.
Bitcoin moved back above $81,000 late on Thursday and was trading at about $80,950 afterwards. Analysts said upcoming economic data and further comments from policymakers would be central to determining whether the rally could continue.
“Near-term, the risk is data. Jobs, then CPI,” Lucas said. “Waller conditioned the dovish read on inflation cooling, so a hot print reverses the premise directly. September also carries a weak seasonal record. Those two prints plus the next few ETF sessions decide whether $81,000 is a floor or a fade.”
The next key indicators will include US employment figures and the consumer price index, or CPI. A stronger-than-expected inflation reading could challenge the expectation that the Federal Reserve will maintain a supportive policy stance.
Lucas also pointed to a change in bitcoin’s relationship with other major assets. Its 90-day correlation with gold has risen to a six-year high of more than 50%, while its correlation with the S&P 500 has fallen close to zero.
That movement could suggest bitcoin is increasingly being viewed as a hedge against inflation rather than simply as a high-risk asset that rises and falls alongside equities.
“If that holds, it changes how this flow should be read over months rather than days,” Lucas said.
