Binance spot BTC is currently trading at $85,412, down 0.86% over the past 24 hours. Intraday highs were $87,279 and lows were $85,267 (Beijing time snapshot at 21:00 on September 23). Over the past week it has risen by about 14%, and the total crypto market capitalization is back above $3 trillion.

The cashflow tells it plainly: U.S. spot Bitcoin ETFs saw net inflows of $999 million on Monday, the largest single day since October 2025; on Tuesday, there were another $715 million in inflows, while Ethereum ETFs brought in $162 million on the same day.

In regulation, on September 15 the U.S. Senate failed to advance the CLARITY Act, and the market didn’t turn around. CFTC Chair Selig suggested making room in the regulatory framework for “large-scale tokenization”; on September 17, the SEC granted temporary “innovative exemptions” for tokenized U.S. stock trading. Citigroup believes the compliance process is still moving forward, and the next thing to watch is the SEC’s enforcement pace.

Risks are in two places: the 2-year U.S. Treasury yield has risen to a within-year high of 4.79%, and expectations for further rate hikes may be revised upward; the area around $90,000 is a clear take-profit zone. Glassnode believes BTC’s bottom is very likely already established.

Trading approach (personal viewpoint): If BTC holds above 85,300, it can be kept; the targets are 87,279, then 88,500. Take profit in batches around 90,000. If it breaks below 85,000 and cannot be quickly reclaimed, reduce position size; 83,300 is a reference level for a stop-loss.

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The above content does not constitute investment advice.