Bitcoin traded near $83,000 on Tuesday after U.S. spot Bitcoin ETFs recorded a net inflow of $31.07 million on Monday, an eighth straight session of creations, even as the price sat well below last week's $86,800 area. SoSoValue figures reported by PANews put Monday's net inflow, for 28 September U.S. time, at $31.0706 million. BlackRock's iShares Bitcoin Trust, ticker IBIT, led with $54.8436 million. Grayscale's Bitcoin Mini Trust added $10.3176 million. Grayscale's GBTC was the largest outflow, at $23.1895 million. IBIT's historical net inflow now stands at $65.337 billion. The Mini Trust's historical net inflow is $2.964 billion. GBTC's cumulative net outflow is $27.865 billion. Total net assets across the spot bitcoin ETFs were $107.816 billion, equal to 6.42% of bitcoin's market value. Cumulative net inflows for the category stand at $57.578 billion.
$83,000 is a macro dip, not an ETF exit
Desks marked the coin near $83,000 to $83,500 in the Tuesday Asian session, about 1% lower on the day, after a one-week low near $82,773 on Monday. The eighth green day is small next to the $714.7 million print on 22 September, when bitcoin held near $86,800. The streak is still intact. GBTC's $23.19 million redemption is why the category total is only $31.07 million even though IBIT created $54.84 million. That is a rotation inside the wrapper complex, not a shutdown of the bid. The macro tape is why the price slipped while the funds stayed green. On Monday the 10-year yield rose to 5.22% and Brent jumped 4% to $108.50 after President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz. Markets implied a 68% chance of a second Federal Reserve hike in October. Strategy's 8-K, filed Monday, showed a purchase of 1,665 bitcoin for $142.7 million, taking holdings to 847,666 BTC. That is a second buyer. It is not large enough to offset a bond selloff. If IBIT keeps creating and the coin holds $80,000, the institutional bid is still the floor. If the 10-year stays above 5.20% and oil stays near $107, $83,000 is a pause, not a base. See why the 10-year hit 5.22%, Strategy's 1,665 coin purchase, and last week's $714.7 million session.