US spot Bitcoin ETFs ended August on an impressive note and appear to have continued to build momentum, recording $731 million in net inflows on September 3rd, their strongest single-day performance since January.

Now, a pattern has sparked speculation over whether Bitcoin could see another short-term top following the latest surge in ETF demand.

ETF Buying Explodes

Analyst Ted Pillows said that on the previous two occasions when Bitcoin ETFs recorded daily inflows above $700 million, first in October 2025 and then in January 2026, BTC went on to form a local peak shortly afterward.

Despite a minor hiccup on September 1st, which saw outflows of over $236 million, US-based spot Bitcoin ETFs have bounced back strongly. Total net assets reached $103.34 billion, representing just over 6% of Bitcoin’s market capitalization. Cumulative net inflows since the ETFs launched in January 2024 stood at $55.44 billion.

Data shared by SoSoValue revealed that BlackRock’s IBIT led the gains with around $454 million. Next up was Ark and 21Shares’ ARKB at $137.7 million, followed by Fidelity’s FBTC at $74.4 million. Grayscale’s two products attracted a total of $57 million in capital.

On the other hand, VanEck’s HODL and WisdomTree’s BTCW were the only funds to have posted outflows of $20 million and $5 million, respectively.

Over the past month, Bitcoin saw around 105,000 BTC equivalent in net capital inflows, and the US spot Bitcoin ETFs accounted for approximately 42,800 of that total. According to Axel Adler Jr., the fund inflows accounted for about 41% of the overall capital entering the market during the period.

Bear Market Debate Continues

Alongside these inflows, Bitcoin surged by over 4% to trade near $81,130. Open interest on Binance and Bybit reached levels not seen since May 5, which suggested that derivatives activity is rebuilding alongside the latest price advance. These developments have prompted some experts to believe that the crypto bear market may be coming to an end.

However, Fidelity believes that the recent recovery does not yet prove the bear market is over. The firm noted that BTC’s historical four-year cycle could leave room for another market low around November 2026, although the pattern is not guaranteed.

The latest technical setup, however, looks more bullish. Bitcoin moved back above the weekly EMA ribbon after recently falling below it, a level that previously signaled the start of a sell-off. Dami-Defi explained that the EMA ribbon currently sits between about $71,000 and $78,000. The reclaim is seen as a positive shift, but the crypto asset still needs to hold above the ribbon on weekly closes. If it does, the next major resistance level to watch is around $95,000-$96,000. A drop below the ribbon, however, could invalidate the recovery.

Source: CryptoPotato