Bitcoin Surges Past Eight-Month High as ETF Inflows and Falling Oil Prices Boost Price

Bitcoin's price continued its strong performance, reaching a near eight-month high of $87,395 on Monday and maintaining stability above $85,000. The cryptocurrency has seen significant gains in recent days, with its cumulative rebound exceeding 13% since hitting a low near $76,000 on September 17.

The main driver behind this rise is the sustained inflow of capital into exchange-traded funds (ETFs). According to data from Farside Investors, US spot Bitcoin ETFs recorded net inflows of approximately $433 million on September 18, which increased to nearly $1.8 billion over three trading days.

The improvement in the macroeconomic environment has also contributed to the rise in Bitcoin's price. Falling oil prices have eased concerns about energy costs and inflation, providing support for risk assets. The Nasdaq Composite Index hit a record closing high on Monday, with Bitcoin surging over 6% during the same period.

However, Federal Reserve policy remains a significant risk factor going forward. Richmond Fed President Thomas Barkin has emphasized inflationary pressures, and market probability of another Fed rate hike in October remains around 50%. If ETFs maintain net inflows while US Treasury yields do not rise significantly again, the foundation is set for Bitcoin's current rebound to continue.