Summary
- Bitcoin (BTC) reached $85,000 and $85,248, marking its highest level in eight months.
- The average purchase price for investors in U.S. spot Bitcoin ETFs was $85,638, while the average for corporate holdings was $80,500, putting those positions above breakeven.
- U.S. spot Bitcoin ETFs recorded $435 million in net inflows, while lower oil prices and stable U.S. Treasury yields supported risk appetite.
Forecast Trend Report by Period
Bitcoin climbed above $85,000, reaching its highest level in about eight months. The rally also brought the token close to the average purchase price for investors in U.S. spot Bitcoin exchange-traded funds.
Cointelegraph reported on September 21 that Bitcoin rose as high as $85,248 during the session, its highest level since January 29. It also ended the previous week at $81,120, marking its strongest weekly close since early May.
Short liquidations surged during the rally. More than $600 million of positions were liquidated across the broader digital-asset market over the past 24 hours, according to CoinGlass.
Bitcoin is also nearing the average cost basis for U.S. spot ETF investors. Glassnode data showed the average purchase price for spot Bitcoin ETF investors is about $85,638. The average acquisition price for corporate Bitcoin holdings is about $80,500, leaving those positions above breakeven at current prices.
Inflows into spot Bitcoin ETFs have also resumed. U.S. spot Bitcoin ETFs recorded net inflows of $435 million on September 18, the largest daily total since September 3.
From a macroeconomic standpoint, lower oil prices and stable U.S. Treasury yields are supporting sentiment toward risk assets. West Texas Intermediate crude traded above $100 a barrel last week, but fell below $94 on September 21. The move came as the prospect of renewed diplomatic talks between the U.S. and Iran eased upward pressure on oil prices.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.