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Scott Melker discusses bitcoin (BTC-USD) steadying above $79,000 — also crossing back above $80,000 per token on Thursday — as bitcoin ETF inflows extend gains for the eighth straight day and narratives around the cryptocurrency begin to brighten.
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Yes, Bitcoin steady above 79,000, price irrelevant as ETF inflows hit longest streak since April. Bitcoin held its ground Thursday as spot Bitcoin ETFs logged an eighth straight day of net inflows while all coins drifted lower across the board. So to put some numbers behind this, approximately 2.8 billion has entered Bitcoin spot ETFs, more obviously if you include the all coins, just during this eight-day streak. August inflows now exceed 3 billion making this the strongest month of 2026. Now
you may remember if you ever looked at a Bitcoin chart, for Bitcoin performance, generally August is the worst month. But now we’re seeing one of our best August ever, surprisingly here in the middle of the summer doldrums with massive ETF inflows confirming spot buying and interest following that short squeeze. Now, of course, the leader here is Black Rock’s Ibit, which attracted 1.33 billion last week and recorded its greatest trading volume ever during a positive week. Now importantly there were
down weeks. There haven’t been many of them, but for Ibit where it recorded more volume. Now, I think what’s more interesting here, uh, also coming from BlackRock, BlackRock’s Mitchnick says macro case for Bitcoin is strengthening after record trading in positive week. So, if you don’t know Robbie Mitchnick is the BlackRock head of digital assets.
in this article he shared his outlook for Bitcoin after the company’s spot Bitcoin ETF Ibit hit record volume for positive week. So, he’s saying that the macro case being that Bitcoin is effectively an emerging store of value alongside gold, that that case is strengthening. So interesting, something I keep saying on my shows, but every time price goes up,
all of the narratives that everybody’s been screaming about when nobody cared seem to come back in vogue, right? Bitcoin is no more a store of value at $79,000 than it was when we were screaming about it at $65,000, reminding us once again that the only thing that really matters for people to get into Bitcoin, sadly, is the price going up. The minute the price goes up, all of those bullish things that we talked about in the bear market seem to matter once again. But it is really a positive signal that gold moved
and Bitcoin now traded like gold with a higher beta and actually made a larger move with people talking about it being a hedge against all the insanity that’s happening on the fiscal side at Treasury with Scott Bessette. Now, little inside baseball, if you haven’t listened to any of my shows or interviews before, I had Anthony Scaramucci on years ago. And he told a story about how, I believe it was in the lobby of a four seasons somewhere, and he bumped into Larry Fink, obviously the CEO of BlackRock, and Larry
Fink effectively mocked him for being a Bitcoin guy. Maybe this was 2019 or 20, something like that. He said, are you really into this Bitcoin thing? I don’t get it. It’s a joke, seems like a scam, seems like a magic internet money. Larry Fink used to be very dismissive of Bitcoin.
Then they hired Robbie Mitchnick, the head of digital assets who was quoted here and apparently he fully orange pillled Larry Fink and the next time Anthony Scaramucci bumped into Larry Fink in a lobby, he was talking like Satoshi Nakamoto, which he has continued to do now. It’s the trajectory that most people go with Bitcoin. Even Michael Saylor himself was dismissive of Bitcoin in the early days, tweeted about it, was against it.
It’s okay to have strong opinions loosely held and Larry Fink is one of the loudest and most compelling voices in Bitcoin and in the world of finance and his team at BlackRock continuing to push these very, very important narratives.
