Bitcoin Surges Past $86K as ETF Inflows and New 3x Products Boost Market

Bitcoin (BTC) has reached a new high of US$86,682, a 3% increase from the previous week. Ethereum (ETH), Solana (SOL), and XRP also gained, with Ethereum up 2.6% on the weekly chart. This marks the first time a positive August has been followed by a positive September, breaking a long-standing pattern.

Analysts at QCP Capital attribute the move to a 'concentrated flow trade in an asset with a new regulatory catalyst and improved technical positioning.' They point to US$87,400 as resistance and US$82,500 as support. The approval of 3x Bitcoin and Ether products has also expanded regulated leveraged exposure in the US.

US spot Bitcoin exchange-traded funds (ETFs) recorded around US$2.65 billion in September inflows, with BlackRock's IBIT and Fidelity's FBTC leading the way. The approval of these products suggests issuers may now have a clearer path to launch similarly leveraged commodity and crypto strategies under the Securities Act of 1933.