Crypto
Institutional Inflows Fuel Bitcoin Surge Above $85K
A surge in institutional interest has driven Bitcoin's price above $85,000, with US spot Bitcoin ETFs capturing $999M in net inflows on September 21.
BlackRock's IBIT led with $381.4M, followed by ARK 21Shares' ARKB at $289.1M and Fidelity's FBTC at $238.8M, marking a significant reversal from the $746M that exited earlier in the month.
The rally triggered a derivatives short squeeze, liquidating over $1Bn in crypto positions, and Bitcoin remains about -32.5% below its all-time high near $126,000.
With BTC USD making higher highs every day this week, bettors on prediction markets have put more money on Bitcoin hitting $100,000 this year, with 44% of the $12.7M volume now believing it will cross $100K this year.