Bitcoin Surges Past $87,000 as Spot ETF Inflows Reach Record $999 Million
Bitcoin's price surged to over $87,000 on September 21, as U.S. spot ETFs saw their largest inflow in 12 months with a total of $999 million in one-day flows.
The rise above $85,000 for the first time since January coincided with the influx into these products, which included $381.4 million into IBIT from BlackRock, $289.1 million into ARKB from Ark Invest and 21Shares, and $238.8 million into FBTC from Fidelity.
Glassnode analysts noted a shift in taker flow from selling to buying and a rise in trading volume, accompanied by short liquidations. The move was also supported by stronger buying directly on crypto exchanges.
Nikolai Sondergaard, senior analyst at Nansen, called $90,000 the nearest price target and highlighted the psychological $90,000 mark and the $92,000 area as key levels to watch. He emphasized the importance of sustained spot buying and inflows into spot ETFs for extending the rally.