Bitcoin Surges Past $86K on Strong ETF Inflows and Regulatory Boost
Bitcoin (BTC) surged over the past week, reaching a high of US$86,682, marking a 3% gain. Ethereum (ETH), Solana (SOL), and XRP also saw increases, though Zcash (ZEC) dropped 14.5% after recent gains. This rally broke a long-standing trend, as it marked the first time a positive August for Bitcoin was followed by a positive September.
Analysts at QCP Capital noted that the movement was driven by strong inflows into US spot Bitcoin ETFs, which recorded about US$2.65 billion in September. BlackRock’s IBIT led with US$1.81 billion in inflows, followed by Fidelity’s FBTC with US$682 million. The SEC’s recent innovation exemption for tokenized securities also contributed to the bullish sentiment.
Technical analysis from QCP Capital identified key resistance at US$87,400 and support at US$82,500. Additionally, the approval of 3x Bitcoin and Ether products expanded leveraged crypto exposure in the US, suggesting clearer regulatory pathways for similar strategies.