Bitcoin rose to $87,329 within a day, surpassing the $85,000 mark for the first time since January. This movement coincided with a significant inflow of funds into U.S. spot ETFs: according to SoSoValue, on September 21, the funds received about $999 million. The largest volume was attributed to IBIT from BlackRock – $381.4 million, ARKB from Ark Invest and 21Shares attracted $289.1 million, and FBTC from Fidelity – $238.8 million. Another $61.7 million went into MSBT and $21.6 million into BITB. Simultaneously, Glassnode recorded a shift in taker activity from selling to buying and an increase in trading volumes. The movement was accompanied by the liquidation of short positions, and the monthly change in realized capitalization exceeded the usual range. Analysts estimate this indicates additional demand emerging at higher price levels.
The technical picture also changed after a prolonged period below the 50-week moving average. According to Wintermute, Bitcoin ended the previous week at $81,159, above this indicator for the first time in 44 weeks, after which the price exited the $75,000–81,000 range. The company noted that further development of the movement would require consolidation at new levels and a period of profit-taking. Simultaneously, market participants began to use borrowed funds more actively. According to Coinalyze, open interest in Bitcoin futures reached $30.5 billion, increasing by 5.5% in a day, with $29.2 billion in perpetual contracts. Glassnode also recorded elevated values of open interest and funding rates, while the volume of open positions in the options market approached $41 billion. The growth in derivatives activity indicates that the price movement is accompanied by a noticeable increase in leverage.
At the same time, the demand structure remains mixed: alongside spot market purchases, the number of leveraged positions is growing, increasing the sensitivity of quotes to subsequent changes in demand. In the options market, Wintermute notes increased interest in long call options and call spreads expiring at the end of the year. Nansen analyst Nikolai Sondergaard previously highlighted $90,000 as the next significant level and specifically pointed out the importance of sustained spot purchases and inflows into ETFs to maintain the current momentum.
Related articles
