On September 21, BTC reached around **$86,000–$87,000**, its highest level since the end of January.
* **U.S. spot Bitcoin ETFs** recorded significant inflows: about **$2.65 billion over five consecutive trading sessions** through Wednesday, September 23. This represents strong support for demand.
* Institutional buying also contributed to the uptrend. Significant purchases were reported, in particular, from companies holding Bitcoin.
* The move was also accompanied by a renewed appetite for risk in U.S. tech markets.
⚠️ But there are also risks
Bitcoin then fell back toward **$84,000**. U.S. bond yields, especially the 10-year rate above 5.2%, are currently putting pressure on risk assets.
So, **the recent rally is real, but it remains volatile**. Flows into ETFs and institutional demand are currently key factors to watch, just like U.S. rates and global liquidity.
* **U.S. spot Bitcoin ETFs** recorded significant inflows: about **$2.65 billion over five consecutive trading sessions** through Wednesday, September 23. This represents strong support for demand.
* Institutional buying also contributed to the uptrend. Significant purchases were reported, in particular, from companies holding Bitcoin.
* The move was also accompanied by a renewed appetite for risk in U.S. tech markets.
⚠️ But there are also risks
Bitcoin then fell back toward **$84,000**. U.S. bond yields, especially the 10-year rate above 5.2%, are currently putting pressure on risk assets.
So, **the recent rally is real, but it remains volatile**. Flows into ETFs and institutional demand are currently key factors to watch, just like U.S. rates and global liquidity.