American spot Bitcoin ETFs recorded a net inflow of over $1.7 billion in two trading days. On September 21, the funds received $714.75 million, and the day before, the figure reached $998.95 million – the highest value for 2026 at that time. Amid these inflows, the total net assets under management of the ETFs increased to $111 billion. This is approximately 56% higher than the June low of $71 billion, although the figure is still about 13% below the January peak of $128 billion. The largest amount of funds on September 22 was attracted by BlackRock's IBIT fund – about $350 million. Another $257 million flowed into Fidelity's FBTC. According to Bloomberg Intelligence analyst James Seyffart, the average position of ETF holders entered the zone of unrealized profit for the first time since January.
Seyffart estimates the average purchase price of Bitcoin ETF shares at $81,722. Over the week, the first cryptocurrency's quotes rose by almost 14%, reaching approximately $86,500. At the time of writing, Bitcoin was trading around $86,190, adding 0.9% over the last 24 hours and 13.4% over seven days. On September 23, the price briefly exceeded $87,000. Simultaneously, the positive dynamics spread to other major crypto assets: most of the top ten coins by capitalization ended the day with growth. Changes in capital flows in ETFs occur against the backdrop of market recovery after previous periods of decline, but the volume of inflows alone does not allow for a definitive determination of the reasons for price movement or the sustainability of the current trend.
Additional signals came from on-chain metrics. CryptoQuant analyst under the pseudonym Gaah noted that the 30-day moving average MVRV exited the accumulation zone for the second time this year, where it had been for about six months. This indicator compares the market value of an asset with the realized value of coins and is used to assess the market's state through the aggregate profit or loss of holders. According to the analyst, further movement of the indicator above the annual maximum of 1.62 will provide additional confirmation of the observed market structure change. However, such metrics remain analytical tools and do not guarantee a specific price direction. The current picture combines a noticeable inflow of funds into exchange-traded funds, a recovery in the value of assets under their management, and an improvement in several on-chain indicators, while further dynamics will depend on market participants' behavior and new capital flows.
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