Bitcoin Price Surges Above $85k as ETF Inflows Hit $102M
A recent surge in Bitcoin ETF inflows has helped push the cryptocurrency's price above $85,000. According to data from Onchain Lens, five funds recorded a combined $24 million in outflows on October 1st, but strong inflows into three other funds made up for these losses.
The net inflow of Bitcoin ETFs hit $102 million amid mixed sentiment, following a trend that began in September. In the previous month, spot ETFs experienced massive inflows, with net inflows surpassing $2.5 billion by the 25th of September.
Prominent funds such as BlackRock's IBIT and Grayscale's GBTC recorded significant inflows, contributing to a daily net inflow of $102 million. This marks a significant reversal from -$148 million recorded in the previous session.
The influx of capital into Bitcoin ETFs has also had an impact on exchange activity, with supply outflows from exchanges recovering as ETFs resumed accumulating again. The recent upsurge could be attributed to renewed demand, driven by ETF and Uptober speculation.