Bitcoin Price Surges Past $81K as ETF Flows Swing Back Positive

Bitcoin's price has been on a rollercoaster ride over the past week, but its value is up by nearly $5,000. The cryptocurrency started the week trading around the upper-$70,000 range and briefly climbed above $79,000 before coming under heavy pressure. By Sept. 15 and 16, Bitcoin fell below $76,000, with the decline occurring alongside a large outflow from US spot Bitcoin exchange-traded funds (ETFs).

The ETFs recorded $159.9 million in net inflows on Sept. 14 before sentiment deteriorated sharply. Investors pulled $450.4 million from the funds on Sept. 15, followed by another $295.9 million on Sept. 16. However, demand returned, and the ETFs attracted $159.5 million on Sept. 17 before inflows accelerated to $433 million on Sept. 18.

Fidelity's FBTC was the standout on Sept. 18 after attracting $310.7 million, while BlackRock's IBIT added another $108.4 million. The trend in Bitcoin prices coincided with a major swing in ETF flows, which turned from outflows to inflows over the past five trading days.