Bitcoin Holds Firm at $84K Amid Institutional Demand

Bitcoin's price held steady at around $84,000 as of Friday's close, showing a modest daily decline but an 8% weekly gain. This resilience comes despite shifting dynamics across broader financial markets.

The spot Bitcoin ETFs in the US recorded $191 million in net inflows on Thursday, extending a six-day positive flow streak totaling $2.8 billion. The five-day period from Sep. 21-25 saw Bitcoin ETF inflows reach $2.39 billion, with BlackRock's IBIT dominating at $1.16 billion.

However, escalating US Treasury yields have created resistance for Bitcoin's upward movement, reaching levels not observed since 2007. Hester Peirce, SEC Commissioner, announced her departure scheduled for Oct. 2, raising questions about future crypto oversight.