Bitcoin Pulls Back to $84K Amid ETF Inflows and Whales Accumulation

Bitcoin's price has pulled back to around $84,000 after reaching a high of nearly $87,000 earlier this week. The rejection at the $87,000 area was expected by some analysts, who noted that it had met resistance.

The past few days have seen significant inflows into U.S. spot Bitcoin ETFs, with net inflows totaling over $2.65 billion in five trading sessions. This trend has been observed for five consecutive sessions, with a total of approximately $346.98 million flowing into these funds on September 23.

Meanwhile, wallets holding between 100 and 1,000 BTC have accumulated 113,950 BTC since July 15, representing a 2.22% increase in their combined balance to around 5.24 million BTC. This accumulation has been closely watched by analysts, who note that it often precedes stronger price periods.

Binance's Bitcoin open interest has fallen significantly, dropping from $5.4 billion to $4.9 billion between September 21 and 23. This reduction in leveraged traders' exposure is seen as a sign of risk reduction after the failed push towards $87,000.