Bitcoin ETFs Stage Comeback as Price Surpasses $81,000
US spot Bitcoin ETFs staged a remarkable comeback on September 18 after two days of heavy outflows. The funds pulled in $433 million, reversing the week's trend and propelling the net weekly inflow to $6.2 million.
The week started with investors yanking $450.4 million out of spot Bitcoin ETFs on September 15, followed by another $296 million in outflows the next day. However, Fidelity's FBTC and BlackRock's IBIT were at the forefront of the recovery, attracting approximately $310.7 million and $108.4 million, respectively.
Bitcoin responded to the shift in sentiment by holding firmly above $81,000. In fact, it climbed above that level and touched near or above $82,000 between September 19 and 21. Short-covering activity contributed to the rally as traders who had bet against Bitcoin were forced to buy back their positions.
The influx of capital into spot Bitcoin ETFs translates into real buying pressure on the underlying asset. As such, a sustained break below $80,000 could challenge the current price trajectory.