š„ The next day after returns hit a 19-year high, Bitcoin spot ETF inflows still sucked up $191 million in a single day
š Background: On Thursday, U.S. 10-year Treasury yields rose to 5.18%, the highest since July 2007; 30-year yields climbed to 5.46%, back to the 2004 peak (TradingView, Cointelegraph Sept 24). In the U.S. session, Bitcoin briefly fell below $83,000 as it fought over $84,500 without success. By Friday afternoon, it was reported at around $84,206, up about +0.19% for the day, with an intraday low of $82,875 (Binance spot). However, on the East Coast on Sept 24, U.S. Bitcoin spot ETFs saw net inflows of $191 million, marking the sixth consecutive day of net inflows. Ethereum spot ETFs recorded net inflows of $66.01 million, the fifth consecutive day of net inflows (SoSoValue, PANews Sept 25). Total market cap is about $2.88 trillion, with the last 24 hours still down about -2.13% (CoinGecko).
š In-depth analysis:
1ļøā£ The interest-rate shock is hitting risk appetiteānot institutional channels. The 10-year yield jumped more than 4 bps in one day, while the Treasury planned buybacks of up to $6 billion in ultra-long Treasuries during the same period. Non-yielding assets face pressure, but the spot ETFs on the shock day are still accumulating: BlackRock posted net inflows of $163 million in a single day, contributing almost all inflows. Holding $83,000 doesnāt mean the broader market is turningāEthereum was about -0.08% on the day, Binance Coin about +0.26%, and the rebound remains concentrated at the top.
2ļøā£ Whatās really being offloaded is last yearās funding model of āpublic companies using leverage to buy Bitcoin.ā An industry report said that among the top 20 crypto-reserve companies by size, only 4 have stock positions still showing a net premium versus net asset value; most are trading at a discount, so issuing more shares to buy coins would become dilution (Cointelegraph Sept 24). A French semiconductor company has already sold its remaining 314 Bitcoins and fully exited a reserve that once exceeded 3,200. Research groups also estimate that at least 9 companies this year have cleared out or abandoned the strategy. Galaxy Research warned last year: once the premium flips to a discount, the model begins to break.
3ļøā£ Regulation is filling in the gap with slow-moving variables. The U.S. Federal Reserve is seeking input on capital requirements for stablecoin issuers, a two-day redemption window, and reserve monthly reportsāearliest implementation is January 2027. In tokenized assets, BlackRock-related portfolio products launched on Thursday, and sentiment in the track hasnāt been completely crushed by yields.
š” Viewpoint: This is a three-way divergence between āinterest-rate shock vs spot ETF accumulation vs reserve-company discount exit.ā Institutions are buying spot via ETF channels, while public-company channels are failingāthe quality of money matters more than the price chart.
šÆ Recommendation: In the short term, treat $83,000 as the structural floor of this round of shock. If spot ETF inflows are interrupted, rebalance by viewing the rebound as part of that rebalancing. In the medium term, donāt treat reserve-company discounting as selling pressure for Bitcoin itself. What to watch is whether spot ETFs can digest the yield shock into sustained accumulation. Stablecoin details are a slow variable for 2027ādonāt treat them as a liquidity switch for next week.
Data sources: TradingView, SoSoValue, PANews, Cointelegraph, CoinGecko, Binance spot, Galaxy Research (as of 2026-09-25 13:00 UTC+8)
#ę·±åŗ¦ #å®č§ #ęÆē¹åø $BTC
š Background: On Thursday, U.S. 10-year Treasury yields rose to 5.18%, the highest since July 2007; 30-year yields climbed to 5.46%, back to the 2004 peak (TradingView, Cointelegraph Sept 24). In the U.S. session, Bitcoin briefly fell below $83,000 as it fought over $84,500 without success. By Friday afternoon, it was reported at around $84,206, up about +0.19% for the day, with an intraday low of $82,875 (Binance spot). However, on the East Coast on Sept 24, U.S. Bitcoin spot ETFs saw net inflows of $191 million, marking the sixth consecutive day of net inflows. Ethereum spot ETFs recorded net inflows of $66.01 million, the fifth consecutive day of net inflows (SoSoValue, PANews Sept 25). Total market cap is about $2.88 trillion, with the last 24 hours still down about -2.13% (CoinGecko).
š In-depth analysis:
1ļøā£ The interest-rate shock is hitting risk appetiteānot institutional channels. The 10-year yield jumped more than 4 bps in one day, while the Treasury planned buybacks of up to $6 billion in ultra-long Treasuries during the same period. Non-yielding assets face pressure, but the spot ETFs on the shock day are still accumulating: BlackRock posted net inflows of $163 million in a single day, contributing almost all inflows. Holding $83,000 doesnāt mean the broader market is turningāEthereum was about -0.08% on the day, Binance Coin about +0.26%, and the rebound remains concentrated at the top.
2ļøā£ Whatās really being offloaded is last yearās funding model of āpublic companies using leverage to buy Bitcoin.ā An industry report said that among the top 20 crypto-reserve companies by size, only 4 have stock positions still showing a net premium versus net asset value; most are trading at a discount, so issuing more shares to buy coins would become dilution (Cointelegraph Sept 24). A French semiconductor company has already sold its remaining 314 Bitcoins and fully exited a reserve that once exceeded 3,200. Research groups also estimate that at least 9 companies this year have cleared out or abandoned the strategy. Galaxy Research warned last year: once the premium flips to a discount, the model begins to break.
3ļøā£ Regulation is filling in the gap with slow-moving variables. The U.S. Federal Reserve is seeking input on capital requirements for stablecoin issuers, a two-day redemption window, and reserve monthly reportsāearliest implementation is January 2027. In tokenized assets, BlackRock-related portfolio products launched on Thursday, and sentiment in the track hasnāt been completely crushed by yields.
š” Viewpoint: This is a three-way divergence between āinterest-rate shock vs spot ETF accumulation vs reserve-company discount exit.ā Institutions are buying spot via ETF channels, while public-company channels are failingāthe quality of money matters more than the price chart.
šÆ Recommendation: In the short term, treat $83,000 as the structural floor of this round of shock. If spot ETF inflows are interrupted, rebalance by viewing the rebound as part of that rebalancing. In the medium term, donāt treat reserve-company discounting as selling pressure for Bitcoin itself. What to watch is whether spot ETFs can digest the yield shock into sustained accumulation. Stablecoin details are a slow variable for 2027ādonāt treat them as a liquidity switch for next week.
Data sources: TradingView, SoSoValue, PANews, Cointelegraph, CoinGecko, Binance spot, Galaxy Research (as of 2026-09-25 13:00 UTC+8)
#ę·±åŗ¦ #å®č§ #ęÆē¹åø $BTC