Bitcoin Holds Steady Above $83,400 as ETF Inflows Continue

Bitcoin's strong rally continues despite cooling derivatives demand and elevated unrealized profits. The cryptocurrency gained 0.4% to above $83,400 on Wednesday, remaining below its eight-month high of around $87,400 hit earlier this month.

The broader cryptocurrency market was valued at roughly $2.95 trillion, up 0.3% over the previous 24 hours. However, speculative futures demand fell sharply from 164,000 BTC on September 14 to just 16,000 BTC on September 29, a 90% decline in 15 days, according to CryptoQuant.

'Without fresh demand, rallies struggle to extend,' Julio Moreno, head of research at CryptoQuant, wrote in a report. 'With spot demand still in contraction and futures growth stalling, near-term upside becomes harder to sustain.'