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Bitcoin Surges Past $86,500 as ETF Demand Hits Almost $1 Billion

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Bitcoin has seen a significant surge in demand for exchange-traded funds (ETFs), with inflows reaching almost $1 billion on September 21. This comes as Bitcoin's price broke above $86,500, its highest level since January.

The majority of the ETF demand was driven by three funds: BlackRock's iShares Bitcoin Trust, ARK 21Shares Bitcoin ETF, and Fidelity Wise Origin Bitcoin Fund. These funds attracted a combined total of over $900 million in inflows, with BlackRock's fund leading the charge at $381.4 million.

The surge in demand also coincided with heavy short-position liquidations across crypto markets, with nearly $919 million in crypto short positions being liquidated during the latest surge.

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