Bitcoin ETF Inflows Bolster Price Ahead of Crucial Weekly Close

Bitcoin's (BTC) price has seen strong support from US spot Bitcoin ETF inflows. According to data, daily net inflows peaked at $433M and $347M, with five-day inflows reaching around $1.3B and weekly inflows totaling approximately $2.06B.

The top ETF recipients have not been disclosed, but the influx of funds into these exchange-traded funds has provided a boost to Bitcoin's price. However, traders are keeping a close eye on the weekly close, as a price above $83,000 would confirm the current structure and potentially set a bullish tone for the market.

On the other hand, a weekly close below $83,000 could signal a potential decline in Q4. Additionally, derivatives flows and the September 25 crypto options expiry may contribute to near-term volatility in Bitcoin's spot price.