Here’s what bitcoin needs to break above $87,000
Bitcoin is currently experiencing a period of consolidation, with analysts suggesting that a return of significant institutional spot ETF inflows is necessary to push prices above $87,000. While daily inflows have cooled, some market participants are using the price weakness to accumulate assets.
Why it matters
Understanding the correlation between institutional ETF demand and price volatility is critical for investors tracking the maturity of the cryptocurrency market.
Bitcoin BTC $83,762.81 and the other majors are lower today, but zoom out and the picture is flatter than the daily tape suggests: prices have gone essentially nowhere over the past two weeks.
The choppy trading is a part of a typical stair-step rally, according to some observers, and it could soon pave the way for a move above $87,000.
The question is what would turn that pause into a firm break above the range. The answer sits in what drove the September surge: large spot ETF inflows.
U.S. spot bitcoin ETFs attracted roughly $2.6 billion in September, with the week ended Sept. 25 alone accounting for about $2.39 billion of the monthly tally. Inflows peaked at nearly $999 million on Sept. 21. Since then, however, demand has cooled sharply, with ETFs drawing $241 million last week and just $28 million so far this week.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in