Bitcoin Surges Past $88K as Strive Buys 1,355 BTC and US Spot ETFs See Strongest Day in Months
Bitcoin's price surged to nearly $88,000 after a sharp turnaround in just a few days. The cryptocurrency has reclaimed its level above $85,000 for the first time since January, with 24-hour trading volume reaching $62.6 billion and its market capitalization exceeding $1.71 trillion.
Strive, an asset manager, acquired 1,355 BTC worth $107.7 million at an average price of $79,475, bringing their total holdings to 26,355 BTC valued over $2.2 billion. This purchase is significantly larger than their previous buy of 469 BTC for $36.6 million last week.
Coinciding with Strive's large BTC buy, corporate treasuries and ETF desks have been buying the dip in Bitcoin. US spot Bitcoin ETFs saw a net inflow of $999 million on September 21, their strongest day in months, led by BlackRock's IBIT with $381.4 million, followed by ARK's ARKB at $289.1 million and Fidelity's FBTC at $238.8 million.
Gemini AI predicts that Bitcoin has room to run further, with the next target being $90,000 to $92,000, and a bigger test at $98,330, which is an old level from 2025 and a barrier before reaching $100,000 by year-end. However, the risk of speed is present as Bitcoin has run 13% in under a week, and any reversal could bring it back to $73,836.