Bitcoin holds near $86,000 as spot Bitcoin ETF inflows hit 11-month high of $999 million
Bitcoin traded near $86,000 after US spot Bitcoin ETFs recorded nearly $999 million in single-day inflows, their strongest in 11 months. Institutional demand and short liquidations supported the rally, while analysts watched $89,000 as a potential trigger toward $100,000.
On Wednesday, Bitcoin's price hovered around $86,000 as spot Bitcoin ETFs witnessed their largest inflow in 11 months, totaling $999 million. At the time of writing, Bitcoin was trading at $85,938. In the previous 24 hours, both Bitcoin and Ethereum experienced a slight dip of 0.02%. Among the top altcoins, BNB, XRP, Solana, Dogecoin, Cardano rose by up to 4.43%, while Tron saw a decline of 1.54%.
Prateek Gupta, Head of Business at Mudrex, noted that this surge propelled Bitcoin above its 365-day moving average for the first time since March 2023. However, on-chain data indicated limited profit-taking for this magnitude of movement. Instead, the Coinbase Premium Index suggested that the rally was primarily driven by futures and ETF flows rather than organic spot buying.
The global cryptocurrency market capitalization experienced a slight decline of 0.08%, settling at $2.92 trillion, according to data from Coinmarketcap. The crypto fear and greed index stood at 78, indicating a sentiment leaning towards 'Greed' and 'Extreme Greed'. Balaji Srihari, VP of Business at India for CoinSwitch, highlighted that Bitcoin surged to $87.4K, the highest level since January 2026, as strong institutional demand and short liquidations fueled the move. Around $648 million in short positions were liquidated during this period.
In the past week, Bitcoin and Ethereum both gained 13.49% and 14.20%, respectively. Among major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano saw a significant increase of up to 31.26%. Avinash Shekhar, Co-Founder & CEO of Pi42, emphasized how quickly sentiment can shift when geopolitical uncertainty begins to ease.
Riya Sehgal, Research Analyst at Delta Exchange, emphasized that ETF flows have been a major factor in this story. U.S. spot Bitcoin ETFs attracted approximately $1.96 billion in net inflows over four trading sessions through September 22. Vikram Subburaj, CEO of Giottus, reported that Bitcoin is currently trading near $86,500, an increase of almost 14% over the past week.
The immediate catalyst for this rally is the resurgence of institutional demand, with U.S. spot-Bitcoin ETFs drawing nearly $1.96 billion across four trading days in September.
Nischal Shetty, Founder of WazirX, added that the broader crypto market exhibits a positive bias, with total market capitalization approaching $2.93 trillion and a 24-hour trading volume of approximately $110.73 billion.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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