CoinDesk
Bitcoin briefly topped $85,000 after weaker-than-expected U.S. inflation eased bets on Federal Reserve rate hikes, but the move did not hold. BTC remains in its $82,000–$85,000 range after more than a week of sideways trading. U.S.-listed spot Bitcoin ETFs posted $148.7 million in net outflows on Wednesday, ending a nine-day inflow streak worth $3.08 billion, according to SoSoValue.
Why it matters
The ETF streak was losing momentum before it broke. Daily inflows peaked near $1 billion on Sept. 21 and declined over the following days. Bitfinex analysts say the daily buying pace is key to clearing overhead supply: their measure of ETF purchases relative to roughly 450 BTC mined each day fell from 25.6 times on Sept. 21 to 1.8 times on Sept. 29.
Bitfinex estimates that absorbing the 1.39 million BTC held at breakeven between $84,000 and $86,500 would require that measure to recover toward five times, or about $190 million in daily ETF purchases. The bond sell-off presents a separate macro risk if pressure in traditional markets spreads.
Market impact
BTC open interest eased to $20.9 billion from $21.8 billion, while funding stayed near 3% annualized. Demand for upside exposure has not disappeared: the three-month Deribit basis rose from below 5% to above 6%, and calls gained share of options activity. But those positioning shifts have yet to push Bitcoin through its range.
Altcoin gains were selective. Stacks' STX rose about 26% over 24 hours, while Midnight's NIGHT gained about 23%. Ethena's ENA and Near Protocol's NEAR also advanced, even as the CoinDesk DeFi Select Index was the only cited sector index up as much as 1%.
Frequently asked questions
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What ended the nine-day Bitcoin ETF inflow streak?
U.S.-listed spot Bitcoin ETFs recorded $148.7 million in net outflows on Wednesday. The preceding nine-day streak had brought in $3.08 billion.
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Why did Bitcoin fail to hold above $85,000?
Bitcoin briefly topped $85,000 after softer U.S. inflation eased rate-hike bets, but the move faded as spot ETF flows turned negative. BTC remained within its $82,000–$85,000 range.
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How much ETF buying does Bitfinex say is needed to clear overhead supply?
Bitfinex estimates that absorbing the 1.39 million BTC breakeven supply between $84,000 and $86,500 would require roughly $190 million in daily ETF purchases.
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What does the change in BTC open interest show?
BTC open interest eased from $21.8 billion to $20.9 billion, while funding stayed near 3% annualized. Demand for upside exposure persisted in derivatives, but Bitcoin did not break out of its range.
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Which altcoins gained while Bitcoin traded sideways?
Stacks' STX rose about 26% and Midnight's NIGHT about 23% over 24 hours. Ethena's ENA and Near Protocol's NEAR also advanced, though broader altcoin gains remained selective.
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