Bitcoin Price Surges to $86,500 as Institutional Demand Reverses
Bitcoin's price has seen a significant surge in recent weeks, reaching around $86,500 after a sharp 13.90% increase over the past seven days. This rally is largely attributed to a reversal in institutional demand that was unexpected just two months ago.
A key indicator of this shift is the flow numbers for U.S. spot Bitcoin ETFs, which have shown net inflows totalling $190.7 million on September 24. This marks the sixth consecutive trading session where these funds have seen positive growth.
BlackRock's IBIT led the way with $162.6 million in inflows, followed by Fidelity's FBTC at $12.9 million and Morgan Stanley's MSBT at $10.2 million. Bitwise's BITB added $4.1 million, while Franklin Templeton's EZBC gained $4.9 million, albeit partly offset by a $4 million outflow from WisdomTree's BTCW.
The cumulative flows for the year have undergone a remarkable turnaround, shifting from a $5.8 billion deficit in mid-July to a $800 million net positive today. This represents a $6.6 billion change over just two months.