preferred on
Points of Focus
- Bitcoin remains below $80,000 despite $216.7 million in US spot ETF inflows.
- Strategy bought 4,603 BTC for $369.7 million at an $80,318 average.
- BTC faces $81,000-$86,000 supply as funding rises and open interest falls.
Bitcoin (BTC) traded near $78,982, still below $80,000 despite two fresh sources of demand. US spot Bitcoin exchange-traded funds (ETFs) drew $216.7 million on Aug. 31, while Strategy disclosed a $369.7-million purchase. Those flows have yet to push BTC through the supply stacked above current prices.
Bitcoin ETF inflows return as Strategy resumes buying
Farside data show BlackRock’s IBIT accounted for $205.9 million of Aug. 31 ETF inflows, about 95% of the $216.7 million daily total. That means nearly all of the day’s net inflow came from one fund. Aug. 31 also followed a $201.9-million net outflow on Aug. 28, showing that daily ETF demand remains uneven.
Strategy added another source of Bitcoin demand. Its Aug. 31 filing shows the company bought 4,603 BTC between Aug. 24 and Aug. 30 at an average of $80,318, lifting holdings to 845,050 BTC. At around $79,000, the latest tranche sits 1.7% below Strategy’s purchase price.
Strategy has acquired 4,603 BTC for $370M, increased USD Cash by $29M, and repurchased $152M of $STRC. As of 8/30/26, we hold 845,050 bitcoin:native and $6.71B of USD Assets, bringing Net Leverage to 0.0%. $MSTRhttps://t.co/yncvo2BVSH
— Strategy (@Strategy) August 31, 2026
The funding details add useful context. Strategy sold 4.53 million MSTR shares for $602.8 million in net proceeds during the week. It used $369.7 million, or just over 61%, for Bitcoin, while $151.8 million funded STRC repurchases, $50.7 million covered STRC dividends, and $30 million went to its USD Cash account.
Bitcoin’s price faces supply above $80,000
Glassnode identified $81,000-$86,000 as Bitcoin’s main overhead supply band on Aug. 26. The company estimates 1.05 million BTC of long-term-holder supply sits between $83,000 and $86,000, creating a large breakeven area above spot. Its Aug. 31 Market Pulse also found softer secondary-market turnover and retail activity even as regulated product demand remained strong.
Checkonchain added a related technical hurdle, saying on X that Bitcoin was holding just below its 50-week moving average (MA) around $82,000, a level it called the “Bears’ Last Stand.” That average sits inside Glassnode’s supply band, so a move through $80,000 would still leave BTC facing another test above it.
Bitcoin is holding its ground just below the 50-week moving average at $82k, which is the level we consider to be the Bears’ Last Stand.
In our latest piece, @_Checkmatey_ examines why Bitcoin has paused below this level, and what previous bear-to-bull transitions can teach us… pic.twitter.com/nMSDmiwJYs
— _Checkonchain (@_checkonchain) August 31, 2026
Derivatives data temper the demand story further. CryptoQuant-verified analyst Axel Adler Jr. reported that BTC-denominated open interest fell 3.8% from 331,100 BTC on Aug. 21 to 318,600 BTC on Aug. 31, while funding rates climbed. Adler said the market wasn’t overheated, but rising funding alongside renewed open-interest growth would increase long-squeeze risk. On Aug. 31, open interest stood at 318,600 BTC.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices are highly volatile. Always conduct your own research before making investment decisions.
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