As bitcoin regained the $81,000 level, BlackRock resumed buying bitcoin worth $151.46 million.

On Oct. 28, blockchain outlet U.Today said the purchase was interpreted as a sign that institutional money was starting to move again after weeks of volatility.

The inflow came alongside renewed demand for BlackRock's spot bitcoin exchange-traded fund IBIT. Based on SoSoValue tallies, BlackRock bought $151.46 million of bitcoin on Oct. 28, while spot bitcoin ETFs as a whole recorded net inflows of $175.99 million the same day. With most of the total inflows concentrated in BlackRock, it was shown to have maintained an edge in terms of participation.

On the previous trading day, outflows continued as institutional investors stayed on the sidelines. More recently, buying interest revived as bitcoin rebounded from below $80,000 to the $81,000 level.

The market views the move as a combination of a price rebound and recovering institutional demand. Observers said institutional investor demand was returning as bitcoin re-entered an upswing. BlackRock's resumption of buying was also read as a sign that caution seen until recently was easing.

Still, it is not clear whether bitcoin's rebound will continue. After BlackRock's purchase, bitcoin returned to a sideways trend and is still trading above $81,000. While it succeeded in rebounding in the short term, price momentum itself remains weak.

In this situation, the next point for the market is whether ETF inflows persist. Despite the recent recovery, bitcoin has shown relatively weak price action, but sustained investor demand across the ETF market could drive a stronger rebound. In the end, how steadily institutional money flows in, rather than short-term prices, remains the variable that will determine the next move.